Equifax Announces Acquisition of HIREtech

Rhea-AI Summary

Equifax (NYSE: EFX) has successfully completed the acquisition of HIREtech, enhancing its Workforce Solutions portfolio. This move aims to deliver improved employer and verification services through advanced technology in human capital management. HIREtech's platform will facilitate better access to data and insights for businesses, supporting critical financial and hiring decisions. CEO Mark W. Begor emphasized that this acquisition aligns with Equifax's growth strategy and commitment to innovation within the HR sector.

Positive

• Acquisition of HIREtech expands Equifax's Workforce Solutions portfolio.
• Enhances data-driven services for HR and Payroll industry.
• Increase in innovation and actionable insights for employers.
• Strengthens Equifax's cloud-native capabilities to drive synergies.

Negative

• None.

ATLANTA, March 9, 2021 /PRNewswire/ -- Equifax^® (NYSE: EFX) announced today that it has closed the acquisition of HIREtech, a technology-focused human capital management (HCM) and employer tax incentive firm. With this acquisition, Equifax expands the Workforce Solutions' portfolio with the HIREtech suite of products, accelerating offerings for both employer and verification services. As digital efficiency continues to accelerate in the human resources (HR) space, acquiring HIREtech advances the Equifax commitment to help support the HR and Payroll industry with more automated and better data-driven services that help simplify complex, manual HR tasks.

"We are energized by the opportunities we can offer by adding the HIREtech capabilities to our differentiated Workforce Solutions' Work Number^Ⓡ income and employment verification and HR services," said Mark W. Begor, Chief Executive Officer, Equifax. "Our cloud native footprint has enhanced our ability to integrate new alliances and acquisitions and drive synergies more quickly - as we believe only Equifax can. We are reinvesting our strong 2020 financial performance to help continue the expansion of our unique data assets and capabilities, making bolt-on M&A central to our future growth strategy."

HIREtech offers a robust technology platform that offers businesses access to data and intelligence that helps guide important financial and hiring decisions. Bridging the gap between human resources, tax, and finance, the HIREtech capabilities will help expedite innovation within the Workforce Solutions business unit at Equifax.

"This acquisition further reinforces the value that Equifax Workforce Solutions delivers as a provider of innovative, data-driven HR services, which has become critical as workforces shift to meet the evolving needs of employees and new work environments," said Joe Muchnick, SVP at Equifax Workforce Solutions. "Together we can accelerate our ability to help provide employers with new innovations and actionable insights that better support their workforce." 

HIREtech, an Equifax company, is now part of the Workforce Solutions business unit at Equifax. The HIREtech leadership team has assumed roles with Equifax as part of the new Houston, Texas-based division of Equifax Workforce Solutions.

"It is an exciting time to be in the HR technology field," said HIREtech CEO Brian Cameron. "Joining Equifax means we will be collaborating with sophisticated analytics teams and new cloud-based tools to help employers access the nearly real-time data and insights that help support critical financial and hiring decisions."

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 impact of Equifax's acquisition of HIREtech on its services?

The acquisition enhances Equifax's Workforce Solutions by providing advanced technology for data-driven HR services.

When was the acquisition of HIREtech by Equifax announced?

The acquisition was announced on March 9, 2021.

What is the strategic importance of acquiring HIREtech for Equifax?

It strengthens Equifax's capabilities in human capital management and improves employer verification services.

How does HIREtech fit into Equifax's business model?

HIREtech becomes part of Equifax's Workforce Solutions business unit, offering increased access to critical data and insights.

What are the expected benefits of Equifax's acquisition of HIREtech?

The acquisition is expected to accelerate innovation and provide actionable insights for employers.