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Equifax, Incorporated (NYSE: EFX) is a global leader in consumer, commercial, and workforce information solutions. The company provides critical insights and information to businesses of all sizes and consumers, helping them make informed decisions with confidence. Headquartered in Atlanta, Equifax manages data on over 600 million consumers and 81 million businesses worldwide, operating in 24 countries across North America, Central and South America, Europe, and the Asia Pacific region.
Equifax's core business revolves around its extensive database and advanced analytics. The company generates significant revenue from its credit reporting services, which are fundamental in the credit decision-making process of lenders. Alongside Experian and TransUnion, Equifax is one of the major credit bureaus in the United States, offering detailed credit histories on millions of consumers.
The firm's Workforce Solutions division contributes over 40% of its revenue, providing services such as income verification and employer human resources services. In recent years, Equifax has expanded its product offerings, notably with the launch of Smart Screen™, a portfolio of consumer reports designed to streamline criminal background checks. This product leverages the Equifax Cloud™ and TotalVerify™ data hub, accelerating the background check process for employers and government agencies.
Financially, Equifax has performed robustly, despite challenges such as the fluctuating mortgage market and foreign exchange impacts. The company reported a revenue increase of 6% year-over-year in Q3 2023, driven by strong performances in non-mortgage sectors and international markets. Equifax continues to innovate, recently acquiring Boa Vista Serviços, the second largest credit bureau in Brazil, to bolster its presence in the South American market.
Equifax places a strong emphasis on data security and compliance, particularly following the 2017 cybersecurity incident. The company has since made significant investments in improving its technology infrastructure and data security measures. Equifax is committed to ethical data usage, supporting initiatives like fair chance hiring through data-driven decisions that expand employment opportunities for individuals with criminal histories.
For more information about Equifax's products, services, and latest news, please visit Equifax.com.
Equifax (NYSE: EFX) announced its acquisition of the Food Industry Credit Bureau from Profile Credit on February 1, 2023. This strategic acquisition enhances Equifax's commercial credit insights for the Canadian food sector, offering detailed data on over 90% of the industry. The Food Industry Credit Bureau partners with over 1,000 companies, providing credit information for 200,000 businesses, which supports the agri-food sector that employs 2.1 million people in Canada. CEO Mark W. Begor emphasized that this acquisition aligns with Equifax's EFX2025 growth strategy, aimed at expanding capabilities and leveraging cloud technology for integration.
Equifax (NYSE: EFX) will announce its fourth quarter financial results for the period ending December 31, 2022 on February 8, after market close. A conference call to discuss the results will take place on February 9 at 8:30 a.m. ET. Interested parties can access the call via telephone or through a webcast available on their investor relations site, with related presentation materials being published on the same day. Audio replay will be accessible from February 10. Equifax emphasizes its role in providing data-driven insights across various sectors globally.
Equifax (NYSE: EFX) has partnered with Mindbody to enhance the onboarding process for wellness-focused businesses through its I-9 Management services. This collaboration aims to streamline Form I-9 completion and improve employee verifications and audit logs, creating a more automated and mobile-friendly experience. The I-9 Management solution, which is already trusted by numerous employers, will be available through the Mindbody Partner Store, enabling faster onboarding for new hires across various wellness sectors.
Equifax (NYSE: EFX) announced a conference call scheduled for December 19, 2022, at 4:30 p.m. ET, to discuss its offer to acquire Boa Vista Serviços, Brazil's second largest consumer credit bureau. CEO Mark W. Begor and CFO John Gamble will provide insights on the transaction's strategic importance. Additionally, related presentation materials will be accessible on investor.equifax.com before the call. Equifax will also file a Registration Statement with the SEC regarding this acquisition.
Equifax has proposed to acquire all outstanding shares of Boa Vista Serviços for R$8.00 per share, translating to an enterprise value of R$3,103 million (USD$583 million). This offer represents an 89% premium over Boa Vista's closing price on December 15, 2022. The acquisition aims to enhance Equifax's capabilities in Brazil's fast-growing market and provide Boa Vista's shareholders with immediate liquidity. With features like cash options and the backing of significant shareholders, the deal is expected to integrate Boa Vista's services into Equifax Brasil, benefiting both companies in the long term.
Equifax (NYSE: EFX) concluded its second annual developer challenge and accelerator program aimed at fostering financial inclusion. The program accepted U.S.-based software developers to create solutions leveraging Equifax Cloud APIs. The event, held in November at Equifax's Atlanta headquarters, showcased 10 finalists' prototypes addressing financial accessibility across various sectors. Participants received mentorship and resources to innovate faster. Equifax emphasized its commitment to using data and technology to tackle pressing financial issues and improve service access for consumers and businesses alike.
Equifax (NYSE: EFX) has launched CourtSmart™, a new solution aimed at enhancing the effectiveness of consumer reporting agencies (CRAs) in light of recent legislative changes in California that mandate the redaction of personal identifiable information (PII) in public court records. Utilizing the Equifax TotalVerify™ data hub, CourtSmart improves turnaround times and confidence in research by providing supplementary third-party data. Currently available in 36 California counties, including the largest, CourtSmart helps CRAs efficiently navigate legal challenges while expanding access to critical background screening data.
Equifax (NYSE: EFX) announced its participation in two upcoming investor conferences, taking place on November 16 and 17, 2022. Trevor Burns, Senior VP of Corporate Investor Relations, will represent the company at the RBC Global Technology, Internet, Media & Telecom Conference. John Gamble, CFO, and Burns will attend the JP Morgan Ultimate Services Conference, featuring a Fireside Chat at 10:30 a.m. ET. Investors can join the live webcast of the chat, with a replay available shortly after. Equifax continues to support informed decision-making through its unique data and analytics services.
Equifax has declared a quarterly dividend of $0.39 per share, which will be paid on December 15, 2022. Shareholders recorded by the close of business on November 23, 2022 will be eligible. This marks over 100 years of consistent cash dividends paid by Equifax. The company is a major player in data, analytics, and technology, operating globally across 25 countries and employing over 11,000 staff.
Equifax (NYSE: EFX) has announced the launch of pre-built API integrations with leading HR software platforms such as iCIMS, Jobvite, PageUp, and SAP SuccessFactors. These integrations enable employers to access the Equifax Workforce Solutions Compliance Center™ platform effortlessly, enhancing the employee onboarding experience and optimizing HR resources. API integrations include essential services like I-9 Management and Work Opportunity Tax Credit Management. This development aims to streamline HR processes and improve client satisfaction.
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