What's Going On With Equifax?
Equifax (EFX) today announced it has entered into a definitive agreement to acquire Appriss Insights, a source of risk and criminal justice intelligence, for $1.825 billion. Shares of the company were trading 2.45% higher to $259.31 a share on Tuesday.
What Does This Mean For Equifax?
The transaction is meant to expand Equifax's Workforce Solutions verification capabilities, enhancing identity and fraud prevention offerings, advancing the strategy for a comprehensive Workforce Solutions data hub, and enabling public and private organizations tap into timely, decision-critical data that allows employers to reduce workforce risk and communities improve delivery of government entitlement programs.
"The acquisition of Appriss Insights' industry-leading data platforms will further position Equifax as the resource of choice for public and private sector decision intelligence," said Mark W. Begor, CEO of Equifax. Adding, "our strong performance and balance sheet allow Equifax to reinvest our cash flow in this accretive and strategic acquisition that will strengthen our largest, fastest-growing business unit - Workforce Solutions - for additional growth by building on our differentiated verifications data and expertise while further diversifying Equifax. We are extending the scope of our verification capabilities beyond income and employment with Appriss Insights' unique data assets which feature industry-leading automation, coverage and accuracy."
The acquisition will give Equifax even better relationships with employers, background screeners, and state and federal government agencies in the multi-billion dollar talent acquisition pool.
Equifax Inc. provides information solutions and human resources business process outsourcing services for businesses, governments, and consumers.
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Along with Experian and TransUnion, Equifax is one of the leading credit bureaus in the United States. Equifax's credit reports provide credit histories on millions of consumers, and the firm's services are critical to lenders' credit decisions. In addition, about a third of the firm's revenue comes from workforce solutions, which provides income verification and employer human resources services. Equifax generates over 20% of its revenue from outside the United States.
