Equifax Inc. (NYSE:EFX) has acquired IXI Corp., a McLean, Va.-based provider of consumer wealth and asset data, for $124 million in cash. IXI raised just over $9 million in 2004 and 2005, from Blue Chip Venture Co., Core Capital Partners, eCentury Capital Partners and Equifax.
Core Capital Partners, a leading venture capital firm that invests in high-growth technology companies, today announced that Equifax Inc. (NYSE:EFX) acquired data analytics provider, IXI Corporation, the market leader in delivering consumer wealth and asset data and the only company to directly measure wealth. Equifax paid $124 million in cash for the company, which just made Deloitte’s 2009 Technology Fast 500 list.
With its proprietary measures of wealth, assets, income, spending and other data, IXI helps its clients – who include the nation’s leading banks, brokerage firms, and insurance companies – better segment households, resulting in improved marketing and customer management. IXI’s data, sourced through more than 95 banks, brokerages and other entities, is the most comprehensive database of invested and deposited consumer wealth in the country. IXI data represents more than $10 trillion in U.S. consumer assets or 42 percent of all U.S. consumer invested assets.
“We initially invested in IXI because we saw tremendous value in blending the nation’s best wealth information dataset with cutting-edge software into unique, high margin offerings,” said Will Dunbar, managing director of Core Capital Partners. “IXI provides relevant data while allowing companies to tie back to assets already under management and quantify growth opportunities. We believed this technology would be extremely attractive to a company such as Equifax, which is why we have supported the company and its management team early on.”
Core Capital Partners provided some of IXI’s earliest financing by participating in a 2004 $2 million round of financing. Early on, the firm saw the potential in marrying the company’s unique data analytics capabilities with a larger, more experienced company such as Equifax.
“Core has been a tremendous partner, helping us become a true market leader and guiding us in establishing partnerships that led to this acquisition,” said IXI’s President and Chief Executive Officer Tom Dailey. “Today, IXI counts among its client base over 100 of the Fortune 500 and all three major credit card companies. More importantly, as we’ve navigated that growth path, Will Dunbar has provided invaluable board-level leadership.”
The IXI acquisition will enable Equifax to enhance the caliber and breadth of intelligence and data offered while also improving clients’ opportunities for acquiring, expanding and retaining customers.
About Core Capital Partners
Core Capital is a leading venture capital firm headquartered in downtown Washington, D.C. With approximately $350 million under management, Core invests in early-stage information technology and communications infrastructure, application software, and technology-enabled services companies led by seasoned entrepreneurs. Core’s partners have been active investors for over 23 years and provide exceptional insight into government purchasing and policy.
Since its formation in 1999, Core has created in excess of $1.5 billion in enterprise value through the initial public offerings and mergers and acquisition exits of its companies. Representative investments include Sourcefire (NASDAQ: FIRE), SwapDrive (acquired by Symantec), IXI Corporation (acquired by Equifax), SilverStorm (acquired by QLogic), Roundbox, Twisted Pair Solutions, and Infinite Power Solutions. To learn more, please visit www.core-capital.com.
About Equifax Inc.
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. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
About IXI Corporation
For over 15 years, IXI has helped the nation’s leading financial services and consumer marketing firms optimize marketing efforts, manage risk, identify growth markets, and enhance practice and performance management. IXI’s analytics solutions enable marketing, sales, and risk management executives to differentiate and target consumer households based on measures of wealth, income, spending, credit, investment style, share-of-wallet, and share-of-market.
Through its exclusive network of more than 95 leading U.S. financial institutions, IXI directly measures approximately $10 trillion in U.S. consumer assets and investments, comprising over 42% of all U.S. invested assets. IXI combines its patented process for collecting and classifying consumer asset data with proprietary measures of income, spending, and credit, to create the most reliable and granular financial database available today. Using this unrivalled database, IXI builds solutions that provide firms financial and economic insight for every U.S. household.
IXI is a privately held company headquartered in McLean, Virginia. It was recently named to the Deloitte Technology Fast 500 list.