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Equifax Completes Acquisition Of UK's Largest Check Guarantee Business

ATLANTA AND LONDON, July 1, 1996 -- Equifax has acquired the remaining outstanding interest in Transax plc, giving it 100% ownership of the largest check guarantee company outside America. The acquisition, when coupled with Equifax's existing Payment Services business in North America, cements Equifax's position as the world's leading supplier of check guarantee and verification services with more than 200,000 subscribing retail outlets around the globe.

"Equifax set upon its successful course of becoming a global information management company in 1992 when it first acquired an interest in Transax," commented Thomas F. Chapman, executive vice president, Equifax Inc. "Businesses around the world require the type of modern financial services available in North America and the UK and Equifax is superbly positioned to deliver the solutions they want."

Transax currently guarantees more than 9 million checks a year worth in excess of $1.5 billion. The North American Equifax Payment Services, headquartered in Tampa, Fla., guaranteed or authorized more than $15 billion worth of checks in 1995.

Equifax, through Equifax Europe, acquired a 20 percent share holding in Transax plc in 1992 and then in 1994, increased its holdings to 50.1 percent. The latest acquisition, raising ownership to 100%, completes a share purchase option taken out with the original 1992 purchase.

Financial terms of the latest purchase were not disclosed.

The acquisition of the Transax business brings extensive check processing and risk management expertise in five countries to the corporation. Since its formation in 1986, Transax has established operations in the United Kingdom and Ireland, France, New Zealand and Australia. It now employs 500 people worldwide and also operates customer call centers in Birmingham, England; Cumbernauld, Ireland and Adelaide in Australia.

Transax will become a division of Equifax Europe and will be headed by group director Nick Bevan. A new managing director, Marc Wood, has been recruited for his expertise in the payment systems marketplace. John McAndrew moves from his position as sales director for the vertical market teams within Equifax Europe to bring a wealth of experience in the credit industry to the Transax team.

Travis E. Halford, president of Equifax Europe, commented: "The acquisition of Transax brings important benefits to Equifax=s European customers. The combination of expertise in these organizations enables Equifax to expand and extend its range of information and payment solutions. "The addition of the Transax product portfolio and expertise also means that existing Equifax customers will have access to another tool for streamlining their own customer management cycle," he continued. "A complete range o f decision-support solutions, from prospecting to customer acquisition, customer service and financial monitoring, are available from Equifax Europe."

The Transax Business

Transax's core business is the check guarantee service, which takes the risk out of accepting high value checks for retailers. Over 50% of all non-cash retail payments are made by check, but only a small proportion of these are covered by the banks' own guarantee systems. Transax approves about 98% of the checks submitted by its customers and guarantees payment even if the consumer subsequently defaults.

More than 70,000 retail outlets throughout the UK and the Republic of Ireland use Transax. And in France, New Zealand and Australia, more than 20,000 retail outlets also benefit from the check guarantee and added value services of Transax.

Equifax Europe

Equifax Europe is a wholly owned subsidiary of Equifax Inc., the world's largest provider of information-based solutions and decision support services and acts as a one-stop solutions provider supporting the complete customer management cycle for businesses operating in both the consumer and commercial markets.

• Equifax helps businesses market their products, grant consumer credit, authorize checks at the point of sale, process credit card transactions and insure lives and property.

• The Equifax commercial databases support commercial credit and marketing decision-making.

• Equifax Decision Solutions' market analysis, profiling and risk assessment expertise adds value to the company's data sources for highly profitable, low risk consumer and commercial marketing.

• The HPI-Equifax on-line vehicle information services are available to the automobile, finance and insurance industries to check the identity, history and current status of vehicles in order to reduce risk and improve profitability. The company's services are also available to private used car buyers.

Equifax Inc. (NYSE: EFX), committed to Global Information Leadership in the Information Age, is the leading provider of information services that help grant credit, authorize and process credit card and check transactions, insure lives and property and control health care costs. Established in 1899 in Atlanta, Equifax today employs 14,000 people throughout North and South America, the United Kingdom and continental Europe. Revenues for the 12 months ended March 31, 1996, totaled $1.7 billion.