Dr. Patrick Caragata, the founder and first CEO of RapidRatings, the world’s premier software-based corporate ratings provider, has announced his retirement from the firm, which now screens 20,000 listed companies and over 100 million private companies in more than 160 countries.
Dr. Caragata, who will be 76 years old in November, announced that he will retire on September 30, 2024. He founded the predecessor to RapidRatings, in Wellington, New Zealand in October 1997. Finding risk capital from an Australian company, Dr. Caragata moved the company to Brisbane, Australia in June 2001, where the name RapidRatings was born and first incorporated.
Proof of concept for RapidRatings’ software accuracy came when he was awarded a five-year contract to provide an independent second opinion for Lehman Brothers equity trades in 2004. Other milestones included the accurate predictions of rising default probability before default or collapse of Enron, Global Crossing, Parmalat, GM, MF Global and many others. Dr. Caragata partnered with James Gellert and Douglas Cameron in February 2007 to purchase the assets of RapidRatings and move the business to New York. In 2022, RapidRatings received a $200 million strategic investment led by Spectrum Equity, along with 22C Capital.
"Patrick's original vision has been the cornerstone of RapidRatings' success," RapidRatings CEO John D'Aleo said. "Since the founding of RapidRatings, Patrick's expertise has helped shape our mission, which is to enable companies to form better, more resilient business relationships based on a clear understanding of financial health. Patrick's contributions made a lasting impact to our company, and all of us at RapidRatings thank Patrick and wish him all the best on this new chapter."
James Gellert, Executive Chairman of RapidRatings, said “Patrick has been a pioneer in the credit risk modelling field and one of its most innovative thinkers. It’s been an honor to collaborate with him and to help tens of thousands of people manage risk more successfully based on Patrick’s foresight and vision.”
Dr. Caragata, a citizen of Canada, New Zealand and Australia, serves as director on two different corporate boards, including as a board member for a company that has a suite of patented next generation technologies to clean up mining waste dumps. He is also the author of six books, including Will China Invade Taiwan? Deterrents, Enablers, Wildcards and Black Swans, which is expected to be published later in 2024.
About RapidRatings:
RapidRatings sets the standard for financial health transparency between business partners, transforming the way leading companies manage enterprise and financial risk. The company provides the most sophisticated analysis of the financial health of public and private companies in over 140 countries worldwide. Through RapidRatings, businesses can build more meaningful relationships and gain visibility into the financial stability of global suppliers, vendors, and other third parties. Learn more at www.rapidratings.com.
