Credit reporting agency and financial health company Equifax closed its 19th acquisition this week with the purchase of commercial lending solutions company PayNet. Terms of the deal were not disclosed.
PayNet was founded in 1999 to help commercial lenders make better decisions. The company provides underwriting products for both banks and alternative lenders. Among the solutions offered are growth strategies, risk management, collections solutions, and business intelligence tools.
“I co-founded and ran PayNet with the belief that when commercial lenders are assured of risks, they are more likely to make credit available, unlocking opportunity for small businesses. I believe this aligns perfectly with the Equifax vision,” said Bill Phelan, PayNet president and co-founder. “The combined companies create the premier set of data on the private credit market in the U.S. and Canada.”
In addition to its tools, one of PayNet’s biggest attractions is its data on the commercial lending and leasing market. These two factors will help boost Equifax’s Commercial business, data assets, and analytics capabilities. Together, the companies can fuel client growth in the small and medium commercial business 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,” said Mark W. Begor, Equifax CEO.
PayNet and its employees have joined Equifax’s U.S. Information Solutions business unit.
Today’s deal isn’t the first example of Equifax chasing data. Last year the company acquired DataX, an alternative data provider that helps lenders expand credit access to underbanked populations.
At FinovateFall 2011, Equifax showcased the benefits of the Equifax Complete features of its mobile app. Founded in 1899, Equifax is publicly traded on the NYSE under the ticker EFX. The company’s market capitalization sits at $15 billion.