Equifax Inc., an Atlanta-based global data, analytics and technology company, has acquired PayNet, a company that provides commercial credit risk underwriting and management solutions to online and alternative finance lenders, and commercial finance and leasing companies in the U.S. and Canadian markets.
PayNet, based in Illinois, has established a unique and highly regarded data asset in the commercial lending and leasing market. Equifax data combined with PayNet's differentiated and valuable commercial leasing data assets and capabilities strengthens the Equifax Commercial business, data assets and analytics capabilities. The combined companies' capabilities will be able to provide innovative solutions to commercial customers, helping them grow their business while better managing risk, Equifax said.
Financial terms of the deal were not disclosed.
"Equifax is focused on being a global leader in differentiated data, advanced analytics, and technology that creates innovative solutions and insights for our customers," said Mark W. Begor, CEO, Equifax. "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."
The addition of PayNet's expansive commercial leasing payment data combined with Equifax's differentiated commercial data assets will help drive customer growth in the small and medium commercial space.
"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, President and co-founder of PayNet. "The combined companies create the premier set of data on the private credit market in the U.S. and Canada. This will help our customers grow safely and more importantly help Main Street American business gain access to needed capital."
PayNet and its employees are now part of the largest Equifax business unit, United States Information Solutions.
Click here to view a video of Phelan talking about PayNet in 2017 for Equipment Finance Advisor.
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