Contact Center Industry News

TMCNet:  PRA Acquires Consumer Bankruptcy Claims From NCM

[December 21, 2012]

PRA Acquires Consumer Bankruptcy Claims From NCM

NORFOLK, Va., Dec 21, 2012 (GLOBE NEWSWIRE via COMTEX) -- Portfolio Recovery Associates, Inc. (Nasdaq:PRAA), a financial and business services company, today announced a $115.3 million acquisition of certain assets from National Capital Management, LLC (NCM). These assets include secured and unsecured consumer bankruptcy accounts and operating assets associated with the underwriting and collection of secured bankruptcy claims. The transaction also includes the hiring of certain NCM employees.

"Since PRA began to diversify its business model in 2004 by moving into bankruptcy debt buying and claims processing, we've grown a bankruptcy business that has become a significant contributor to our bottom line. This acquisition provides further diversification by expanding PRA's bankruptcy business to include larger secured claims and other assets," said Steve Fredrickson, chairman, president and chief executive officer, PRA.

"NCM has built an impressive business over the years and we are very excited about the purchase," said Mike Petit, president, Bankruptcy Services, PRA.

During the first nine months of this year, PRA generated $263.1 million in cash collections from its portfolios of purchased bankruptcy accounts and invested $151.6 million in new, largely-unsecured bankruptcy claims, representing 45% of PRA's total consumer debt buying business this year.

About Portfolio Recovery Associates Portfolio Recovery Associates, Inc. (PRA) is a financial and business services company. A market leader in the consumer debt purchase and collection industry, PRA has a longstanding culture of compliance, engaging collaboratively with its customers to create realistic, affordable repayment plans.

The company provides a broad range of business services to local government, auto lenders, law enforcement, institutional investors, manufacturers and retailers, and U.K. banks and creditors. PRA was recognized as one of Fortune's 100 Fastest Growing Companies in 2012. The company also was named one of Forbes' Top 25 Best Small Companies in America in 2012, and has been annually ranked as one of Forbes' 100 Best Small Companies since 2007. For more information, visit

The Portfolio Recovery Associates logo is available at pkgid=13727 CONTACT: Rick Goulart Vice President, Corporate Communications 757.961.3525 <p>(Logo: (Logo: nf=MTMjMTAwMTY0OTcjODkwOQ==

[ Back To Cloud Contact Center's Homepage ]


Featured Resources

Featured Report
Millennial Research on Customer Service Expectations

Millennial Research on Customer Service Expectations

The "why" behind this research is simple: our clients recognize that different generations bring different expectations, varied communication preferences and new customer service patterns to the customer experience...
Featured Report
Optimizing the Customer Experience through Cloud Contact Centers

Optimizing the Customer Experience through Cloud Contact Centers

Adoption of cloud contact centers is on the rise. Findings from Aberdeen's January 2014 'Public Cloud vs. On-Premise: How to More Effectively Deploy a Cloud Center' study shows that 31% of contact centers are deployed in the cloud, and our related blog post highlights that companies anticipate their adoption of cloud technology to rise further throughout 2014...
Featured Report
Aberdeen report

Aberdeen Report: Cloud for Mid-Sized Contact Centers – What You Must Know

Cloud Technology is opening new doors for many businesses. However, it does so only when it's combined with the use of best practices and key technology enablers. This document highlights the adoption of cloud technology by mid-size contact centers and illustrates the reasons driving their investments...
Featured Whitepaper
Aberdeen report

Seven Critical Capabilities to Demand From Your Cloud Contact Center Provider

To deliver a world-class customer experience, your contact center must be flexible and reliable, while providing all the tools agents and supervisors need to manage their workflows. Here are seven critical capabilities to look for when deploying a contact center in the cloud...
Featured Webinar

Contact Center Economics and the Cloud

Together, Bob and Drew will help you understand the economic value of upgrading technology, important business and financial considerations, and how to compare total cost of ownership of a premises vs. cloud or hosted solution. Watch the webinar on-demand now...
Featured Datasheet
Zipwire Cloud Contact Center

Zipwire Cloud Contact Center

The appeal of moving services to the cloud is obvious. Cloud services offer reliability and robust feature sets without the need to implement or maintain complex contact center infrastructure. The Zipwire™ cloud-based contact center allows businesses to leverage the flexibility and cost savings of cloud architecture while offering a seamless, first-class customer experience...