Equifax Inc. said Monday that it completed its acquisition of Integratec Inc., a debt-collection outsourcing company, for $23 million.
The agreement in principle was announced last month, but the price and related details were not disclosed.
Equifax, one of the leading credit bureaus, is aiming to provide a "total solution" to customers' marketing and risk management needs, said Thomas F. Chapman, executive vice president and group executive of Equifax Financial Information Services.
Integratec's debt-collection telemarketing, and teleservicing, application processing, and customer retention programs are seen as complementary to Equifax's core business and its credit card processing operation.
More that 800 Employees
"Integratec's impressive market presence will significantly enhance Equifax's ability to market a more comprehensive range of innovative information-based products and services," Mr. Chapman said.
Equifax and Integratec, both based in Atlanta, had 1992 revenues of $1.1 billion and $32 million, respectively. Integratec will add more that 800 full-time and part-time employees - the number fluctuates and has been up to nearly 1,000 - to Equifax's 12,000 in the United States, Canada, and Europe.
Donald K. Griffin, an Integratec founder who now is senior vice president and general manager, said the company's joining Equifax will provide out clients with much more powerful and complete solutions in accounts-receivable management, telemarketing, and full credit card servicing."