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(Sharecast News) - Credit data firm Experian has agreed to buy Illion, one of the leading consumer and commercial credit bureaus in Australia and New Zealand, for up to AUD820m (£427.2m).
Established in 1986 in Australia, illion is a bureau provider of consumer credit reporting, commercial credit reporting, and identity and verification solutions in Australia and New Zealand.
Experian noted in a press release late on Thursday that a series of regulatory reforms in Australia have introduced comprehensive and positive data and open data services and have widened the array of data assets, scores and analytical insights being adopted by banks and other institutions.
"This has enhanced appetite for analytical tools and data-driven services, expanding our addressable market opportunity," it said.
"The acquisition of illion will enable Experian to make full use of this opportunity and offer enhanced choice in A/NZ by providing a meaningful competitive alternative to help businesses accelerate the adoption of digital services."
In the first full year of ownership, the acquisition is expected to add revenues of around AUD175m and benchmark EBITDA of AUD65m. This compares to Experian revenues in A/NZ which are expected to be around AUD115m in FY24.
Chief executive Brian Cassin said: "We are delighted to announce that Experian has entered into an agreement to acquire illion, a highly complementary business to Experian in Australia and New Zealand (A/NZ), which will enhance the competitive dynamics in this important market.
"This marks a pivotal step in our longstanding commitment to the region and reinforces our dedication to delivering exceptional value and more choice to clients in A/NZ."
