Equifax (NYSE: EFX) a global data, analytics and technology company, has signed a definitive agreement to acquire Appriss Insights, a source of risk and criminal justice intelligence, for $1.825 billion. In conjunction with the acquisition, Equifax will receive a tax benefit with a net present value at time of purchase of approximately $360 million. Appriss Insights, a portfolio company of Clearlake Capital Group LP and Insight Partners, provides data used in public and workplace safety, law enforcement, fraud detection and prevention, and healthcare credentialing.
“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 Begor, CEO of Equifax. “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.”
“Deeper data insights drive better decisions, whether you are an employer, background screener, healthcare provider, or social service agency,” said Rudy Ploder, president of Equifax Workforce Solutions. “Together with Appriss Insights and its employees, Equifax Workforce Solutions will accelerate the development of new services leveraging our market leading The Work Number® database of income and employment information alongside unique data assets from Appriss Insights. With this acquisition, we are advancing our plan to build out a comprehensive data hub for verifications and monitoring, helping fuel better informed decisions for our public and private sector customers.”
“More than 20 federal agencies as well as state agencies in all 50 states trust Appriss Insights’ cloud-based services, as do thousands of employers and background screeners,” said Brian Matthews, president of Appriss Insights. “The combination of Appriss Insights and Equifax presents exciting opportunities to grow these partner relationships. We are energized to join forces with Equifax to help more individuals, agencies and organizations expand their verification and monitoring services with continuous, real-time access to reliable data.”
J.P. Morgan acted as the sole financial advisor and King & Spalding LLP served as the legal advisor to Equifax. Evercore served as Appriss’s sole financial advisor