Equifax to Acquire IXI Corporation
October 21 2009 - 8:45AM
PR Newswire (US)
ATLANTA, Oct. 21 /PRNewswire-FirstCall/ -- Equifax Inc. (NYSE:EFX)
announced today it has reached a definitive agreement to acquire
IXI Corporation, a leader in collecting, analyzing and delivering
consumer wealth and asset data. Equifax will pay $124 million in
cash for the company. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060224/CLF037LOGO ) With its
proprietary measures of wealth, assets, income, spending and other
data, IXI helps its clients better segment households, resulting in
improved marketing and customer management. IXI's client base
includes leading companies in the financial services industry (such
as banks and brokerage firms) and emerging opportunities in the
insurance and healthcare industries. IXI's data, sourced through
more than 95 leading banks, brokerage firms and other financial
entities, is the most comprehensive database of invested and
deposited consumer wealth in the country. IXI directly measures
data on more than $10 trillion in U.S. consumer assets and
investments, representing more than 42 percent of all U.S. consumer
invested assets. "Bringing together the differentiated data and
analytic capabilities of each of the companies will allow us to
deliver a deeper view of the consumer that includes wealth, credit,
income, spending and other demographic data ," said Dann Adams,
president, Equifax Consumer Information Solutions. "The caliber and
breadth of intelligence and data we'll offer will significantly
improve the opportunities for our clients to acquire, expand and
retain customer relationships." "We have worked closely with
Equifax over the last 18 months and know their people, the
solutions they offer, and their culture. I am convinced this will
be a strong combination that will benefit customers and employees
of both companies," said Tom Dailey, president and CEO of IXI.
IXI's unique capabilities combined with Equifax's expertise will
allow the companies to offer more differentiated and in-depth
income, wealth and other data, helping companies improve their
marketing, collections, portfolio monitoring and customer
management efforts across all product segments. "This is a good
match and our companies know each other well from a history of
collaboration. Each of the companies excels in its particular area
of the business; the skills and knowledge are complementary; and we
serve similar customer bases," said Adams. "But the biggest
beneficiaries will be our clients, who will have broader, deeper
and more accurate customer information backed by a company with a
strong tradition of protecting the security and integrity of the
data entrusted to us." The closing of the transaction is subject to
the usual conditions and is expected to occur in the near future.
IXI was advised in the transaction by Wells Fargo Securities. About
Equifax (http://www.equifax.com/) Equifax empowers businesses and
consumers with information they can trust. A global leader in
information solutions, we leverage one of the largest sources of
consumer and commercial data, along with advanced analytics and
proprietary technology, to create customized insights that enrich
both the performance of businesses and the lives of consumers. With
a strong heritage of innovation and leadership, Equifax
continuously delivers innovative solutions with the highest
integrity and reliability. Businesses - large and small - rely on
us for consumer and business credit intelligence, portfolio
management, fraud detection, decisioning technology, marketing
tools, and much more. We empower individual consumers to manage
their personal credit information, protect their identity, and
maximize their financial well-being. Headquartered in Atlanta,
Equifax Inc. operates in the U.S. and 14 other countries throughout
North America, Latin America and Europe. Equifax is a member of
Standard & Poor's (S&P) 500® Index. Our common stock is
traded on the New York Stock Exchange under the symbol EFX. About
IXI Corporation (http://www.ixicorp.com/) For over 15 years, IXI
has helped the nation's leading financial services and consumer
marketing firms optimize marketing efforts, manage risk, identify
growth markets, and enhance practice and performance management.
IXI solutions enable marketing, sales, and risk management
executives to differentiate and target consumer households based on
measures of wealth, income, spending, credit, investment style,
share-of-wallet, and share-of-market. Through its exclusive network
of more than 95 leading U.S. financial institutions, IXI directly
measures approximately $10 trillion in U.S. consumer assets and
investments, comprising over 42% of all U.S. invested assets. IXI
combines its patented process for collecting and classifying
consumer asset data with proprietary measures of income, spending,
and credit, to create the most reliable and granular financial
database available today. Using this unrivalled database, IXI
builds solutions that provide firms financial and economic insight
for every U.S. household. IXI is a privately held company
headquartered in McLean, Virginia. It was recently named to the
Deloitte Touche 500 Fastest Growing Technology companies list.
Forward-Looking Statements This press release includes
forward-looking statements regarding Equifax's proposed acquisition
of IXI, including statements related to Equifax's and IXI's product
and service offerings, business strategy and general business
outlook. Any such statement may be influenced by a variety of
factors, many of which are beyond the control of Equifax or IXI,
that could cause actual outcomes and results to be materially
different from those projected, described, expressed or implied in
this press release due to a number of risks and uncertainties.
Potential risks and uncertainties include, but are not limited to,
that the transaction will not close or that the closing may be
delayed, the expected benefits and anticipated synergies of the
combined companies may not be achieved after the closing, the
combined operations may not be successfully integrated in a timely
manner, if at all, as well as industry, general economic
conditions, and competitive, legal, governmental and technological
factors. Accordingly, no assurances can be given that any of the
events anticipated by the forward-looking statements will transpire
or occur, or if any of them do so, what impact they will have on
the results of operations or financial condition of Equifax or IXI.
Certain additional factors are set forth in Equifax's Annual Report
on Form 10-K for the year ended December 31, 2008 under Item 1A,
"Risk Factors", and its other filings with the Securities and
Exchange Commission. Equifax and IXI assume no obligation to update
any forward-looking statements to reflect events that occur or
circumstances that exist after the date on which they were made.
http://www.newscom.com/cgi-bin/prnh/20060224/CLF037LOGO
http://photoarchive.ap.org/ DATASOURCE: Equifax Inc. CONTACT: Tim
Klein of Equifax, +1-404-885-8555, +1-404-771-2029 (wireless), ; or
Erica Gunn of IXI, +1-800-210-4323 Web Site:
http://www.equifax.com/
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