Equifax Inc. (NYSE: EFX) has disclosed that it has inked an agreement to buy Appriss Insights for $1.825 billion. In combination with the purchase, Equifax will obtain a tax benefit with a net present value at the time of acquisition of roughly $360 million. Appriss Insights is anticipated to create nearly $150 million of revenue in 2021, rose 30% over last year. The deal is likely to be strongly profitable to Equifax's Adjusted EPS in 2022.
Appriss Insights will reinforce Equifax relationships with employers, background screeners, and state and federal government agencies. This will increase Equifax's reach into the $5 billion U.S. talent purchase market and $2 billion U.S. government social services delivery market areas. This will witness rising demand for criminal background checks and continuous monitoring services.
Furthermore, Appriss Insights will continue to be managed by Brian Matthews. After the acquisition, the firm will be headquartered in Louisville, Kentucky. Its workers will partner with the Equifax Workforce Solutions business. Appriss Health and Appriss Retail will continue to be part of Appriss Inc. and are not a part of the deal. The deal is dependent on normal closing conditions and supervisory review and is anticipated to execute in the second half of 2021.
Moreover, In collaboration with Appriss Insights and its workers, Equifax Workforce Solutions will quicken the development of new services utilizing its market-leading The Work Number database of income and employment information alongside unique data assets from Appriss Insights.