CRIF ANNOUNCES AGREEMENT TO ACQUIRE THE CREDIT INFORMATION AND MANAGEMENT DIVISION OF TINEXTA
Specifically, the transaction involves the sale to CRIF of Tinexta’s holdings in the companies Innolva S.p.A. and ReValuta S.p.A.
The division was valued at a total enterprise value of € 237.5 million.
Bologna (Italy), May 30, 2022 - CRIF - a global company specializing in credit and business information systems, analytics, outsourcing and processing services, as well as advanced digital solutions for business development and open banking - announces that it has concluded an agreement for the acquisition from Tinexta (company listed on Euronext Star Milan - Stock ticker: TNXT) of its Credit Information and Management division, which offers business information services and technical and valuation services in the real estate sector.
Specifically, the transaction involves the sale to CRIF of Tinexta’s holdings in the companies Innolva S.p.A. – which offers services to support decision-making processes (Chamber of Commerce and real estate information, aggregated reports, synthetic ratings, decision-making models, credit assessment and recovery) - and ReValuta S.p.A. – which offers real estate services (appraisals and evaluations). The transaction values the division at a total enterprise value of € 237.5 million (for further details, please refer to Tinexta Spa’s press release). The transaction is subject to certain conditions precedent usual for this kind of transactions.
The acquisition is part of a multi-year program of significant investments aimed at the expansion of the CRIF partner ecosystem, aimed at providing the market with increasingly in-depth information and high-performance and innovative solutions.
“Increasingly complex and sophisticated customer requirements, the drive for new technologies and digital, and the globalization of business are making markets increasingly dynamic and competitive. In this context, the acquisition of Innolva and ReValuta represents an important opportunity for CRIF to further consolidate its leadership position in the areas of credit & business information and integrated credit & marketing management services,” commented Carlo Gherardi, Chairman and CEO of CRIF. “For several years now CRIF has been pursuing a growth strategy that has been implemented in part through numerous acquisitions in Italy and at global level, and we will certainly be continuing along this path.”
The aim of the acquisition of Innolva and ReValuta by CRIF is to provide their respective clients with services characterized by the highest quality standards, a comprehensive and accurate set of information, covering the entire target market, as well as a technological capabilities and flexibility to respond promptly to the demands of the market and individual clients. At the same time, the acquisition represents an opportunity based on the coming together of CRIF and Tinexta’s strategies and on the potential for further strengthening their respective market leadership positions.
CRIF is a global company specializing in credit & business information systems, analytics, outsourcing and processing services, as well as advanced digital solutions for business development and open banking. The mission that drives CRIF is to create value and new opportunities for consumers and businesses by providing reliable information and solutions, allowing more powerful decisions and accelerating digital innovation. We work responsibly to offer innovative and compliant solutions to support our customers and improve access to credit, enabling digital inclusion and the use of financial services by excluded and underserved people.
CRIF is currently the leading credit information banking group in continental Europe and a major player in the global market for integrated business & commercial information and credit & marketing management services. Through continuous innovation, the use of state-of-the-art technology and a strong information management culture, CRIF supports financial institutions, credit unions, insurance companies, telco, media, utility and energy companies, businesses, and consumers in more than 50 countries. In addition, as part of its end-to-end solutions, CRIF has developed a line of services for individuals and SMEs dedicated to financial well-being and the prevention and protection against fraud and cyber risks, while CRIF Ratings, a credit rating agency authorized by ESMA and recognized as an ECAI, provides ratings on non-financial companies based in the EU.
Over 10,500 banks and financial institutions, more than 600 insurance consumers, 80,000 companies and 1,000,000 consumers currently use CRIF services in 4 continents. In addition, CRIF is included in the prestigious IDC FinTech Rankings Top 100, the classification of the top providers of global technology solutions for the financial services industry, and in 2019 it expanded its coverage as an AISP to 31 European countries where the PSD2 directive for open banking is applicable.
For more information: www.crif.it