Equifax Announces Acquisition of i2verify

Rhea-AI Summary

Equifax (NYSE: EFX) has completed the acquisition of i2verify, enhancing its automated verification solutions. This move targets improved efficiencies for consumers and verifiers, particularly in the employment and wage data sector. i2verify, established in 2011, is recognized for its instant access to employment data and complements Equifax's existing services under The Work Number®. The acquisition aligns with Equifax's strategy to innovate through differentiated data and cloud technology to drive growth in consumer access to credit and financial services.

Positive

• Acquisition of i2verify enhances Equifax's income and employment verification capabilities.
• Strategic move that improves efficiencies for consumers applying for financial services.
• Integration supports Equifax's position as an industry leader in automated verifications.
• i2verify's services align with Equifax Workforce Solutions, boosting growth potential.

Negative

• None.

ATLANTA, March 24, 2021 /PRNewswire/ -- Equifax® (NYSE: EFX) announced today that it has closed the acquisition of i2verify, an income and employment verification provider.  With this acquisition, Equifax expands its suite of automated verification capabilities and brings incremental efficiencies to both consumers and credentialed verifiers. Known for pioneering the automation of income and employment verifications, Equifax, through its flagship service - The Work Number® - has helped to digitize and accelerate billions of critical decisions that consumers need for credit, employment, social services and more.

"We continue to invest in unique, differentiated data - establishing Equifax as the clear industry leader in the best position to bring new and differentiated solutions to our customers and their consumers," said Mark W. Begor, Chief Executive Officer, Equifax. "Our ability to integrate new data and drive synergies is powered by our cloud-native capability that only Equifax can provide. This enables rapid adoption and integration of bolt-on M&A and innovation that we can deploy more quickly into the marketplace and drive Equifax growth."

Founded in 2011, i2verify is an income and employment verification provider, offering instant access to employment and wage data to verifiers who meet requirements for access under the Fair Credit Reporting Act. i2verify serves employers nationwide, with a concentration in the healthcare and education sectors that enhances the existing services offered through The Work Number. The i2verify capabilities will further the progress made by Equifax Workforce Solutions to help increase consumer access to credit through secure and efficient digital verifications.

"The addition of i2verify gives Equifax Workforce Solutions additional momentum as we work to help accelerate the process for consumers applying for mortgages, social service benefits, and other important financial services," said Joe Muchnick, SVP at Equifax Workforce Solutions. "It is highly complementary to our core and presents additional opportunities to meet the evolving needs of our clients."

i2verify, an Equifax company, is now part of Workforce Solutions, the fastest-growing business unit at Equifax and the i2verify leadership team has assumed roles with Equifax Workforce Solutions.

"Instant access to employment and income data has never been more critical," said Kevin Murphy, CEO of i2verify. "As verifiers and consumers look to connect the dots associated with employment through a single user experience, joining the Equifax team will allow us to deliver an optimal solution to both our verifier and consumer communities. We are truly excited to collaborate as part of the Equifax team and look forward to championing the benefits of real-time, automated verifications to all our users."

ABOUT EQUIFAX INC. 
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employees, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

FOR MORE INFORMATION 
mediainquiries@equifax.com

 

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SOURCE Equifax Inc.

FAQ

What is the purpose of Equifax's acquisition of i2verify?

The acquisition aims to enhance Equifax's automated verification solutions and improve efficiencies in accessing employment and income data.

How will the acquisition of i2verify impact Equifax's services?

It will strengthen Equifax's Workforce Solutions, enabling quicker and more efficient employment verification for consumers seeking financial services.

When was the acquisition of i2verify by Equifax announced?

The acquisition was announced on March 24, 2021.

What is the significance of i2verify for Equifax?

i2verify provides instant access to employment and wage data, which enhances Equifax's existing verification capabilities.

What does the acquisition mean for Equifax's growth strategy?

The acquisition aligns with Equifax's strategy to leverage unique data and cloud technology for innovation and market expansion.