|Acquisition to bring new range of risk management tools to banks|
JERSEY CITY, N.J., Aug 24, 2017 - (ACN Newswire) - Verisk Analytics, Inc. (Nasdaq:VRSK), has signed a definitive agreement to acquire LCI, an industry-leading provider of risk insight, prediction, and management solutions for banks and creditors. LCI is based in Burlingame, California.
"The acquisition will bring together Verisk's unique proprietary data assets from its Argus business and LCI's high-quality proprietary time-series data, including consumer and commercial bankruptcies, consumer behavior, and legal and technical terms associated with debtor settlements. The combination will allow us to introduce a new and exciting range of insights, proprietary decisioning algorithms, and state-of-the-art risk management workflow solutions aimed at addressing a growing need among our banking clients," said Nana Banerjee, group president of Verisk Analytics.
"We're delighted to join Argus and together support the most forward-thinking financial companies in the world with data-driven solutions that can improve matters associated with regulation, bankruptcy, charge-off, and debt collection," said Chris Lundquist, chief executive officer and president of LCI. "LCI is an excellent fit for Argus's sharp focus on advising creditors throughout the account management life cycle."
"Given LCI's unique data assets, first-mover advantage, and deep bankruptcy management expertise, I'm confident LCI is an excellent fit for the Verisk Analytics family of businesses," added Scott Stephenson, chairman, president, and chief executive officer of Verisk Analytics.
The purchase price is $151 million, to be paid in cash to stockholders of LCI. The transaction is expected to close during the third quarter of 2017, subject to the completion of customary closing conditions.
LCI delivers bankruptcy data and consumer behavioral data, process automation software, expert services, and research to automate expensive processes in the bankruptcy life cycle. With expertise in the financial industry, specifically its focus on at-risk accounts, LCI innovates, develops, and delivers solutions that provide superior information and improved profitability. LCI's high-tech approach, combining process engineering principles with management information systems, brings a sharp focus on quality control and process efficiency to the development of data processing systems. For more information, please visit www.lciinc.com.
Argus is a one-of-a-kind leading provider of information, scoring solutions, and advisory services to financial institutions across the globe. Our client base ranges from financial institutions and their regulators to various companies across the media industry and beyond. We maximize the value of data by transforming it into insightful information and analysis that assist our clients in understanding their market contribution, managing and mitigating risk (default, fraud, funding, and compliance), and capitalizing on their financial objectives. Argus, a Verisk Analytics (Nasdaq:VRSK) business, is headquartered in White Plains, New York, with additional offices in San Francisco, Sao Paulo, Sydney, Melbourne, and London. For more information, please visit www.argusinformation.com.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk Analytics helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk Analytics operates in 29 countries and is a member of Standard & Poor's S&P 500(R) Index. In 2017, Forbes magazine named Verisk Analytics to its America's Best Mid-Size Employers list and to its World's Most Innovative Companies list. Verisk is one of only seven companies to appear on both lists. For more information, please visit www.verisk.com.
AVP, Investor Relations and Strategic Finance
Verisk Analytics, Inc.
MWWPR (for Verisk Analytics)
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Source: Verisk Analytics Inc. via Globenewswire
Aug 24, 2017 20:00 HKT/SGT
Topic: Press release summary
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