Equifax Completes Acquisition of Appriss Insights

Rhea-AI Summary

Equifax has completed its acquisition of Appriss Insights, enhancing its Workforce Solutions unit with advanced risk intelligence data. The transaction, announced on August 10, 2021, expands Equifax's verification capabilities and positions the company to penetrate the $5 billion U.S. talent acquisition market and the $2 billion U.S. government social services market. This strategic move is expected to support future growth by broadening data offerings and strengthening relationships with employers and government agencies.

Positive

• Acquisition enhances Equifax's Workforce Solutions unit.
• Expands verification capabilities with unique risk intelligence data.
• Strengthens relationships with employers and government agencies.
• Positions Equifax to penetrate $5 billion U.S. talent acquisition market.

Negative

• Integration challenges may arise post-acquisition.

ATLANTA, Oct. 1, 2021 /PRNewswire/ -- Equifax® (NYSE:EFX) announced today that it has completed the acquisition of Appriss Insights, a provider of comprehensive risk and criminal justice intelligence products and solutions. The definitive agreement to acquire the Appriss Insights business was announced on August 10, 2021. This acquisition expands Equifax's largest and fastest-growing business unit, Workforce Solutions, by broadening the Equifax suite of complementary verification capabilities, advancing the path toward a comprehensive Workforce Solutions data hub, enhancing identity and fraud offerings and positioning Equifax as the resource of choice for public and private sector decision intelligence.

"The acquisition of Appriss Insights leverages the Equifax Cloud by expanding the breadth of differentiated data and insights that only Equifax can provide," said Mark W. Begor, CEO of Equifax. "Our strong performance and balance sheet allow Equifax to reinvest in this accretive and strategic acquisition that will strengthen our largest and fastest-growing business - Workforce Solutions. Appriss Insights' unique people-based risk intelligence data extends the verification capabilities of our high-performing Workforce Solutions business further beyond income and employment, supporting its future growth while further diversifying Equifax."

Appriss Insights provides data used in public and workplace safety, law enforcement, corporate investigations, fraud detection and prevention, and healthcare sanctioning and credentialing. The acquisition expands Equifax relationships with employers, background screeners, and state and federal government agencies - furthering the company's penetration into the $5 billion U.S. talent acquisition market and the $2 billion U.S. government social services delivery market.

"The Appriss Insights team provides a powerful and valuable resource for employers and social service agencies," said Rudy Ploder, President of Equifax Workforce Solutions. "There are approximately 75 million new hires annually in the U.S. and 40% of new hires are in roles that require background checks and other verifications, including in healthcare, financial services, public sector and portions of other industries. Our Workforce Solutions business also sees tremendous value in the power of Appriss Insights data in delivering broader, more comprehensive solutions to federal and state governments across Unemployment Insurance, Medicaid, food assistance, rental support and other benefit programs."

Appriss Insights, an Equifax company, is now part of the Workforce Solutions business unit. Appriss Insights President Brian Matthews has assumed the role of Senior Vice President and General Manager of the new Louisville, Kentucky-based division of Equifax Workforce Solutions.

"We are thrilled to join the Equifax team," said Matthews. "The combination of Equifax and Appriss Insights is a powerful one. Together, we have the ability to deliver truly differentiated data and insights to more quickly help individuals in need and further identify ways for employers to expand candidate pools and create new screening standards."

FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements and forward-looking information. All statements that address operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to our future financial and operating results, our strategy, the expected financial and operational benefits, synergies and growth from the Appriss Insights acquisition, our ability to integrate Appriss Insights and its products, services, technologies, IT systems and personnel into our operations, the impact of COVID-19 and changes in U.S. and worldwide economic conditions, and similar statements about our outlook and our business plans are forward-looking statements. We believe these forward-looking statements are reasonable as and when made. However, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our 2020 Form 10-K and subsequent SEC filings. As a result of such risks and uncertainties, we urge you not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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, employers, 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 12,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com

FOR MORE INFORMATION
Kate Walker for Equifax
mediainquiries@equifax.com

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SOURCE Equifax Inc.

FAQ

What did Equifax announce on October 1, 2021?

Equifax announced the completion of its acquisition of Appriss Insights.

How does the acquisition of Appriss Insights impact Equifax's business?

The acquisition enhances Equifax's Workforce Solutions with advanced risk intelligence data, broadening verification capabilities.

When was the acquisition of Appriss Insights announced?

The acquisition was announced on August 10, 2021.

What is the significance of the Appriss Insights acquisition for Equifax shareholders?

The acquisition is expected to support future growth and expand Equifax's market presence.

What markets does Equifax aim to penetrate with this acquisition?

Equifax aims to penetrate the $5 billion U.S. talent acquisition market and the $2 billion U.S. government social services market.