Equifax to Acquire LawLogix

Rhea-AI Summary

Equifax (NYSE: EFX) has announced the acquisition of LawLogix, a provider of cloud-based I-9 and immigration case management software, from Hyland. This strategic move aims to enhance Equifax's Workforce Solutions business, expanding services for employers and law firms amid evolving regulatory challenges. The acquisition marks Equifax's eleventh in 18 months, supporting ongoing growth initiatives. Expected to close in Q3 2022, the deal is not anticipated to materially affect 2022 financial results. LawLogix's solutions will integrate with Equifax's existing infrastructure to accelerate innovation.

Positive

• Acquisition of LawLogix expands Equifax's Workforce Solutions capabilities.
• Integration with Equifax Cloud facilitates rapid innovation.
• LawLogix provides industry-leading I-9 compliance and immigration management solutions.

Negative

• Acquisition may face integration challenges.
• Limited financial impact on 2022 results.

Acquisition of I-9 and Immigration Case Management Software Provider to Further Expand Equifax Workforce Solutions Business

ATLANTA, July 21, 2022 /PRNewswire/ -- Equifax® (NYSE: EFX) announced today that it has signed a definitive agreement to acquire LawLogix, a leading provider of cloud-based I-9 software and immigration case management software, from Hyland. This acquisition will enable Equifax's largest and fastest-growing business, Workforce Solutions, to support employers and law firms with an even more comprehensive set of services as they manage amidst today's complex and rapidly changing employment and regulatory landscape.

"Reinvesting our strong cash flow in accretive and strategic bolt-on M&A is central to our EFX2023 growth strategy. This is our eleventh acquisition in the past 18 months and aligns with expanding Equifax capabilities for strong future growth," said Mark W. Begor, CEO of Equifax. "LawLogix will grow the industry-leading suite of employer services within our largest and fastest-growing business: Workforce Solutions. And with the Equifax Cloud™, we have the infrastructure in place for rapid integration - helping us to accelerate innovation and provide our customers with access to more capabilities, services and insights than ever before." 

LawLogix offers two cloud-based software as a service (SaaS) solutions: Guardian and Edge. Guardian helps employers with their Form I-9 and E-Verify requirements while providing a user-friendly I-9 workflow that supports organizations with a distributed workforce. Edge provides immigration law firms, non-profit organizations, and employers with comprehensive immigration case management software, including a customizable, easy-to-use client web portal. These solutions are supported by award-winning customer support representatives.

"Equifax helps employers streamline vital processes for onboarding and managing the talent they need to help grow their businesses," added Begor. "The addition of LawLogix further demonstrates our commitment to providing customers with easy-to-use solutions that are grounded in deep industry expertise. We are a New Equifax that is expanding well beyond a traditional credit bureau - and we are just getting started."

Based in Phoenix, LawLogix digitizes and streamlines labor-intensive I-9 and immigration processes while helping thousands of organizations, including several of the largest businesses and most recognized immigration law firms in the United States, comply with complicated regulatory frameworks. Its leaders and employees will join the Equifax Workforce Solutions business once the transaction has closed. No other parts of the Hyland business are included in the transaction.

"Employers and law firms recognize that the stakes are high when it comes to I-9 and immigration case management," said John Fay, President, LawLogix. "That is why so many rely upon our solutions, which were developed by immigration law experts and are backed by decades of industry experience. We are energized by the opportunities before us, as we leverage Equifax technology and analytics to help benefit our clients and grow the business."

The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2022. The acquisition is not anticipated to have a material impact on 2022 Equifax financial results.

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 ability to successfully consummate the proposed transaction, the expected financial and operational benefits, synergies and growth from the LawLogix acquisition and our ability to integrate LawLogix and its products, services, technologies, IT systems and personnel into our operations, 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 2021 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 13,000 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.

ABOUT LAWLOGIX
LawLogix assists millions of people every year through its innovative Electronic I-9 Compliance, E-Verify and immigration case management software. Founded in 2000, LawLogix is a trusted SaaS provider for many prestigious immigration law firms, organizations and corporations, including members of the Fortune 500. For more information about LawLogix and its suite of products, visit LawLogix.com.

ABOUT HYLAND
Hyland is a leading content services provider that enables thousands of organizations to deliver better experiences to the people they serve. For more information, visit Hyland.com.

FOR MORE INFORMATION
Daniel Jenkins for Equifax Workforce Solutions
mediainquiries@equifax.com 

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SOURCE Equifax Inc.

FAQ

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

The acquisition aims to enhance Equifax's Workforce Solutions business by expanding its services in I-9 compliance and immigration case management.

When is the acquisition of LawLogix expected to close?

The acquisition is expected to close in the third quarter of 2022.

How will the acquisition impact Equifax's financial results?

The acquisition is not anticipated to have a material impact on Equifax's financial results for 2022.

What services does LawLogix provide?

LawLogix offers cloud-based solutions for I-9 compliance and immigration case management.

How many acquisitions has Equifax made recently?

Equifax has made eleven acquisitions in the past 18 months.