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Atlanta (ots-PRNewswire) - As part of a continued strategy to concentrate the focus of each of its two core businesses, Equifax (NYSE: EFX) today announced it has sold its collection services business, Equifax Risk Management Services (ERMS), in the United States, Canada, and the United Kingdom. The U.S. operation, headquartered in Atlanta with 1700 employees in 13 locations, has become part of Risk Management Alternatives Parent, Inc. (RMA), also headquartered in Atlanta. ERMS operations in Canada with 500 employees and in the UK with 150 employees have been purchased by IntelliRisk Management Corporation (IRMC) of Columbus, Ohio.
Lee Kennedy, Equifax president and chief operating officer, said, "The actual performance of collections no longer fits with the Equifax strategy of creating two very focused organizations -- Information Services, including emerging e-commerce initiatives, and Payment Services. We will continue to support collection operations for our customers by providing information solutions, analytics and predictive modeling."
On October 2, Equifax announced its intention to separate the two core businesses into two independent public companies by next summer. The separation would be accomplished by a spinoff of Payment Services to Equifax shareholders. The spinoff is expected to take the form of a tax-free stock dividend.
"We selected RMA and IntelliRisk as buyers of ERMS because we are confident they will continue to provide the same high quality service to our customers," Kennedy said. "We anticipate a smooth transition to the new owners with no disruption of service and look forward to supporting and adding value to their operations."
The aggregate sales price of the global risk management businesses is about $150 million. As part of the transactions, Equifax has provided $40 million of acquisition financing to RMA and guaranteed approximately $60 million of RMA's acquisition financing. Equifax has also entered into exclusive multi-year contracts to provide credit information products and services to both RMA and IRMC, and the value of these services is included in the aggregate sales price. The Company intends to use the net cash proceeds of about $100 million from the divestiture of these businesses to pay down debt.
Revenues for the twelve months ended September 30, 2000 for the worldwide Risk Management operations were $143 million with $133 million in the North American Information Services segment and $10 million in European operations. The sale of the risk management businesses is expected to have a minimal impact on earnings per share in the fourth quarter and thereafter, because expected cost savings over time should offset dilution.
"These are significant acquisitions," said IRMC President and CEO Richard D. Schultz. "One of our major goals for 2000 and beyond is to increase our scope of operations internationally. By owning the largest agencies in both Canada and the United Kingdom, we have the resources to enhance the suite of products and services we offer our international clients. These acquisitions add tremendous value to our organization."
IntelliRisk Management Corporation is the fastest growing provider in the U.S. of Best-in-Class accounts receivable collections, outsourcing and teleservices solutions for major credit grantors. IRMC's services include loss prevention programs, loss recovery services, teleservices, call center management, customer care programs and accounts receivable portfolio purchasing. IRMC has over 5,000 employees in 30 operations centers serving virtually every major market both in the United States and Europe.
Dennis Cunningham, RMA's president and chief executive officer, said, "The ERMS acquisition is another step in achieving our long term goal of providing world class services, support and customer satisfaction in the accounts receivable marketplace. Equifax Risk Management Services presents an opportunity for best practices utilization and domestic and international cross selling. Our combined management team will further strengthen RMA's position in the outsourcing, contingent and legal collection arena."
Risk Management Alternatives provides a full range of debt collection and accounts receivable management services to bank, commercial, government, healthcare, oil, retail, student loan, telecommunication and utility industry credit grantors. RMA's services increase the operating performance of its clients through marked improvements in the management and collection of accounts receivable. Headquartered in Atlanta, Ga., the combined RMA-ERMS will have 38 operating branches strategically located domestically and internationally.
Equifax Inc., a worldwide leader in enabling and securing global commerce, brings buyers and sellers together through its information management, transaction processing, direct marketing, and customer relationship management businesses. Atlanta-based Equifax serves the financial services, retail, credit card, telecommunications/utilities, transportation, information technology and healthcare industries and government. Equifax adds knowledge, expertise, convenience and security to provide value-added solutions and processes for its customers wherever they do business, including the Internet and other networks. Equifax employs about 15,000 associates in 16 countries with sales in almost 50 and has $1.9 billion in revenue.
Statements in this press release that relate to Equifax's future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Those factors could include changes in worldwide and U.S. economic conditions that materially impact consumer spending and consumer debt, changes in demand for the Company's products and services, risks associated with the integration of acquisitions and other investments, the spinoff of Payment Services on a timely basis without adverse impact on the Company's operations, and other factors discussed in the "forward-looking
information" section in the management's discussion and analysis included in the annual report on Form 10-K for the year ended December 31, 1999 and 10-Q for the period ending June 30, 2000.
ots Original Text Service: Equifax Internet: http://recherche.newsaktuell.de
Contact: Dave Mooney, PR Director of Equifax (USA) 404-885-8117, or firstname.lastname@example.org
Web site: http://www.equifax.comOriginal-Content von: Equifax Inc., übermittelt durch news aktuell