Technology company InfoTrack, the leading provider of intelligent search and automated workflow tools for professionals and consumers, has acquired Australia’s fastest-growing credit bureau CreditorWatch. The combination heralds a powerful emerging force in credit reporting and analysis.
Since its establishment in 2011 by Colin Porter, CreditorWatch has achieved phenomenal growth and now boasts more than 50,000 clients. Through proprietary technology platforms and processes it is challenging the existing credit bureau duopoly, providing competition that has benefited small and large customers.
CreditorWatch aggregates data from multiple, high quality sources to provide users with a clear and accurate understanding of credit risk across customers, prospects and suppliers. Its early focus was on small to medium enterprises (SMEs) which Porter identified as being under-serviced by traditional industry providers.
“Three years ago we had a staff of six and now there are more than 50 people working for CreditorWatch. Our trajectory as a business has been incredible and the momentum remains amazingly strong. It was definitely time to partner up with a larger group that understood our ambition and could invest in order to cement us as a truly legitimate alternative to the incumbent players in this space,” Colin Porter said.
“We are really excited about becoming part of the InfoTrack family. Relentless client focus and technology innovation are hallmarks of our culture and strategy. And we have seen those traits demonstrated consistently in InfoTrack and among its staff and leadership. In addition to being able to leverage unique data across both businesses, InfoTrack will also provide us with excellent support across sales, distribution, marketing, technology and product development to accelerate our growth.”
Executive Chairman of InfoTrack, Stephen Wood, welcomed the completion of the strategic investment in CreditorWatch, the first since the recent successful and innovative $350m $A-denominated raising in the Term Loan B debt market by parent company Australian Technology Innovators. The raising was a landmark deal for an Australian technology company.
Mr Wood said: “InfoTrack and CreditorWatch are tremendously complementary and there is simply a huge opportunity to create value for our respective client bases. In particular, there is a very exciting product integration potential where we can bring data and insights from CreditorWatch together with our best in class search capability to deliver unique and unrivalled products and services for our customers.”
Over its 17-year history InfoTrack has become the market leader in providing property, company and personal information to professional services firms, corporates and consumers. Its proprietary platform automates clients’ search, analytic and administrative workflows by facilitating the exchange of data between information sources and services, and client core business systems.
Mr Wood said: “We continue to win clients because of our technological advantage and the dedication of the Infotrack team to support our clients daily. Acquiring CreditorWatch is consistent with our broader strategy to be the leading provider of critical business information to professional services firms, corporates and consumers. The Term Loan B raise has given us the balance sheet flexibility to be opportunistic and invest in new assets and products.”
Colin Porter and the existing CreditorWatch team will continue to operate the business on a standalone basis with existing branding retained.
Financial terms of the transaction have not been disclosed.