ATLANTA – Credit bureau Equifax said it agreed to sell its Appro Systems online lending operations to Italy’s CRIF Corp. for $72.4 million, five years after paying $92 million to buy Appro.
Equifax’s foray into the online lending business came at the height of the mergers and acquisitions craze, which eventually claimed venerable credit union vendors such as Open Solutions, John H. Harland Co. and First Data Corp.
CRIF’s acquisition of Appro follows recent deals by the Bologna’ Italy-based company for Teres Solutions, Aimbridge and FIS. Appro’s software is used by more than 200 credit unions, banks and finance companies. CRIF said Appro's 89 local employees will keep their jobs after the sale and plans are to increase staffing.
Equifax said the sale of Appro is not expected to have a material impact on adjusted earnings per share for full-year 2010.
