ATLANTA, Aug. 7, 2021 /PRNewswire/ -- Equifax® (NYSE:
EFX) announced today that it has signed a definitive agreement to
acquire Health e(fx)Ⓡ, a leading and experienced
provider of Affordable Care Act (ACA) services. As the level of
workforce management complexity increases for employers nationwide,
businesses require robust services to help automate and reduce
process friction within their HR teams. This acquisition will help
Equifax Workforce Solutions bring businesses more of the
information, insights and solutions they need to help manage
through the changes that impact their workforce.
"The acquisition of Health e(fx) will further strengthen our
largest and fastest-growing business - Workforce Solutions - by
enhancing their portfolio of employer services by adding
capabilities aligned with our own Affordable Care Act (ACA)
Management offerings," said Mark W.
Begor, CEO of Equifax. "With our cloud-native technology
architecture, it's easier than ever to integrate new partner
capabilities and acquisitions quickly and securely to create
leading-edge solutions. Our strong performance and balance sheet
allow Equifax to reinvest our cash flow in this accretive and
strategic acquisition that gives customers unique access to more
capabilities, product suites, and services under a single
roof."
Named by CIO Review magazine as one of the 50 most
promising healthcare solution providers in 2020, Health e(fx)
offers a robust technology platform that includes full-service ACA
and state individual mandate support and reporting as well as
workforce analytics. These services help make health reform easier
for organizations with complex systems nationwide.
"This acquisition will expand on the value that Equifax
Workforce Solutions offers to HR and Payroll teams as a provider of
innovative, data-driven services for today's dynamic workforce
environment," said Walter Gibson,
III, SVP at Equifax Workforce Solutions. "The
Health e(fx) team, relationships and cloud-native technologies are
complementary to our business and existing ACA product and will
provide us with additional opportunities to help meet evolving
employer needs."
Health e(fx) will become part of the Workforce Solutions
business unit at Equifax. The Health e(fx) leadership team will
assume roles with Equifax as part of Equifax Workforce Solutions
with offices in Minneapolis, MN
and Thunder Bay, Ontario.
"We are excited about the strength of services that a combined
Equifax and Health e(fx) team will bring to the employer healthcare
compliance market," said Andy Brown,
co-founder and Chairman of Health e(fx).
"Some of the country's largest employers and leading ACA service
providers count on Health e(fx) to help make sense of health reform
changes," continued Michael
Showalter, Chief Executive Officer at Health e(fx).
"Together with Equifax, we can continue to provide employers with
the personalized service, deep health reform expertise and
innovations and insights that help ease the burden of changing
healthcare regulations and enable them to better support their
workforce."
Hennepin Partners acted as the exclusive financial advisor and
Barna Guzy Steffens acted as the
legal advisor to Health e(fx). The transaction is subject to
customary closing conditions and is expected to close in the third
quarter of 2021.
FORWARD-LOOKING STATEMENTS
This release contains
forward-looking statements and forward-looking information. All
statements that address our performance and events or developments
that we expect or anticipate will occur in the future, including
statements relating to our future financial and operating results,
our strategy, our ability to successfully consummate the proposed
transaction, the expected financial and operational benefits,
synergies and growth from the proposed transaction, our ability to
integrate Health e(fx) and its products, services, technologies, IT
systems and personnel into our operations, and similar statements
about our business plans are forward-looking statements. We believe
these forward-looking statements are reasonable as and when made.
However, forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. These risks and uncertainties include, but are not
limited to, those described in our 2020 Form 10-K and subsequent
SEC filings. As a result of such risks and uncertainties, we urge
you not to place undue reliance on any forward-looking statements.
Forward-looking statements speak only as of the date when made. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe
knowledge drives progress. As a global data, analytics, and
technology company, we play an essential role in the global economy
by helping financial institutions, companies, employers, and
government agencies make critical decisions with greater
confidence. Our unique blend of differentiated data, analytics, and
cloud technology drives insights to power decisions to move people
forward. Headquartered in Atlanta
and supported by more than 12,000 employees worldwide, Equifax
operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia
Pacific region. For more information,
visit Equifax.com.
For more information
mediarelations@equifax.com
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SOURCE Equifax Inc.