Welcome to our dedicated page for Equifax, Incorporated news (Ticker: EFX), a resource for investors and traders seeking the latest updates and insights on Equifax, Incorporated stock.
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 has announced a definitive agreement to acquire Boa Vista Serviços, Brazil's second-largest credit bureau, for R$8.00 per share, totaling approximately USD$596 million. This strategic acquisition aims to expand Equifax's presence in the rapidly growing Brazilian market and offer advanced data and analytical technology to Boa Vista's clients, enhancing financial inclusion for the 34 million unbanked Brazilians. The agreement, which has received board approval, includes various payment options for shareholders and represents significant premiums over previous stock values. Completion of the transaction is expected in Q2 2023, pending shareholder approval.
Equifax reported its financial results for Q4 and full year 2022, with total revenue of $1.198 billion in Q4, down 4% year-over-year. For the full year, revenues reached $5.122 billion, a 4% increase. The mortgage revenue significantly declined by 41% in Q4, impacting overall performance. However, non-mortgage revenue saw growth, with Workforce Solutions and USIS growing by 17% and 10%, respectively. The company forecasts 2023 revenue between $5.275 billion and $5.375 billion, anticipating continued challenges in the mortgage sector. Adjusted EPS for Q4 stood at $1.52, down 18% from last year.
Equifax (NYSE: EFX) appointed Karen Fichuk to its board of directors, succeeding Robert W. Selander, who will retire in May 2023. Fichuk, formerly CEO of Randstad North America and an executive at Randstad N.V., brings over 30 years of leadership experience in data and analytics. CEO Mark W. Begor emphasized that her expertise will enhance Equifax's strategic execution and cloud transformation initiatives. The board now includes eleven directors, with ten being independent. Fichuk's addition is part of a succession planning effort, indicating a focus on strengthening governance and oversight.
On February 2, 2023, Equifax (NYSE: EFX) announced a quarterly dividend of
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.
FAQ
What is the current stock price of Equifax, Incorporated (EFX)?
What is the market cap of Equifax, Incorporated (EFX)?
What does Equifax do?
Where is Equifax headquartered?
What services does Equifax offer?
How does Equifax generate revenue?
What is Smart Screen™?
How does Equifax ensure data security?
What recent acquisitions has Equifax made?
What is Equifax's role in the credit decision-making process?
How can I learn more about Equifax's products and services?
What is Equifax's strategy for future growth?
