Established in 1988 in Bologna, Italy, CRIF is a global company specializing in the management of credit reporting, business information and decision support systems to support the needs of financial institutions, service providers, businesses and consumers. APPRO is one of the industry's leading providers of comprehensive, automated credit risk management and financial technologies for online and traditional lending environments. Over 200 financial institutions rely on APPRO lending technology to automate and manage over billions of dollars in annual loan volume.
“We are pleased to welcome APPRO to the CRIF Lending Solutions family,” said CRIF CEO, Carlo Gherardi. “APPRO will help us to greatly expand the breadth and depth of lending automation technology offerings that we can provide to banks, credit unions and financial institutions around the world. Moreover, the solutions offered by CRIF and its controlled companies in the U.S. (Teres, Aimbridge, FLS and Magnum) are complementary to those of APPRO, which will make it possible to respond more effectively to the needs of an increasingly demanding market in terms of advanced added value solutions and technological flexibility.”
“The APPRO acquisition increases our technological capacity and flexibility, which will allow us to respond to client and market demands,” said Larry Howell, Chairman of the CRIF International board.
The synergies deriving from this transaction will allow a specialized hub to be created in the U.S. with a greater potential for growth. Moreover, the integration of APPRO and CRIF experience in their specific areas of business will lead to a fast service in the implementation of added value solutions for the client. The aim of the deal is to supply the U.S. market and APPRO’s clients with a comprehensive offer in terms of technological capacity and flexibility aimed at responding to the demands of the market and individual clients in a timely manner. APPRO Systems will operate as a wholly-owned subsidiary of CRIF. APPRO will be marketed and distributed under the CRIF Lending Solutions brand along with lending services and technology offerings from other U.S. based CRIF companies, including Teres Solutions, Aimbridge, FLS Services and Magnum.
About CRIF
CRIF is a global company specializing in the development and management of credit reporting, business information and decision support systems. Established in 1988 in Bologna (Italy), CRIF has an international presence, operating over four continents (Europe, America, Africa and Asia). The company supports banks and financial institutions, insurance companies, utilities and general businesses in every phase of client relations.
CRIF is currently the leading group in continental Europe in the field of banking credit information and one of the main operators on an international level concerning integrated services for business & commercial information and for credit & marketing management. More than 1,500 banks and financial institutions all over the world use CRIF services on a daily basis.
Moreover, CRIF provides added-value application processing solutions and reports on the economic, financial, and corporate status of over 150 million companies worldwide. For additional information, please contact or visit
www.criflendingsolutions.com.
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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, Georgia, 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. Its common stock is traded on the New York Stock Exchange under the symbol EFX.
Forward-Looking Statements
This press release includes forward-looking statements regarding Equifax’s proposed sale of APPRO, including statements related to product and service offerings and businesses of Equifax, APPRO, CRIF and CRIF S.p.A. Any such statement may be influenced by a variety of factors, many of which are beyond the control of Equifax, APPRO, and CRIF and CRIF S.p.A., 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, and Equifax’s expectations for the use of the net proceeds from the transaction. 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.
Certain additional factors are set forth in Equifax’s Annual Report on Form 10-K for the year ended December 31, 2009 under Item 1A, “Risk Factors”, and its other filings with the Securities and Exchange Commission. Equifax assumes 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.
