Credit agency Equifax Inc., (NYSE: EFX) announced Wednesday that it acquired PayNet, a provider of commercial credit risk underwriting and management solutions.
PayNet provides services to online and alternative finance lenders and commercial finance and leasing companies in the U.S. and Canada, according to the press release. The company is joining Equifax's largest business unit, United States Information Solutions.
The terms of the acqusition were not disclosed.
"Equifax data combined with PayNet's differentiated and valuable commercial leasing data assets and capabilities strengthens the Equifax Commercial business, data assets and analytics capabilities," Equifax said in the announcement.
Why It's Important
Equifax said it expects the deal to help drive customer growth in the small and medium commercial space.
"We are intensely focused on adding unique and valuable data assets to couple with our industry-leading data and analytics capabilities. The PayNet acquisition brings unique and valuable commercial leasing data assets to our leading commercial data assets and insights capabilities to enhance decisioning and access to credit for small and medium-sized businesses," Equifax CEO Mark Begor said in a statement.
Bill Phelan, president and co-founder of PayNet, said the tie-up creates the "premier set of data on the private credit market" in the U.S. and Canada.
"This will help our customers grow safely and more importantly help Main Street American business gain access to needed capital."
Equifax shares were trading up by 0.22 percent to $125.40 at the time of publication Wednesday.
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