US-based data analytics provider Verisk has signed an agreement to sell its financial services business to TransUnion for a cash consideration of $515m.
Verisk Financial Services provides portfolio performance insights, benchmarking, decisioning algorithms and business intelligence to financial institutions.
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It also offers customised analytic services to financial institutions, payments providers, alternative lenders, regulators, and retailers around the world.
Verisk Financial offers solutions to tackle merchant fraud, regulatory compliance, and consumer bankruptcy as well.
Verisk chairman, president and CEO Scott Stephenson said: “With the sale of Verisk Financial to TransUnion, we are sharpening our focus on our core growth engines while unlocking value for our shareholders.
“Beyond the benefits to our shareholders, this transaction will ensure the Verisk Financial team can continue to execute on their long-term strategy and commitment to providing unique and enabling solutions to the financial services industry.”
TransUnion president and CEO Chris Cartwright said: “Verisk Financial is a distinctive business with authoritative, differentiated data — particularly from Argus’s consortium of lender-contributed data and analytics.
“TransUnion’s broad range of data, analytics and technology enhances Verisk Financial’s existing data set and expands their addressable market while delivering valuable innovation to members of the consortium.”
