Monday, 16 October 2017 10:22

InfoTrack buys CreditorWatch, looks to challenge credit reporting incumbents

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Intelligent search and automated workflow tools maker InfoTrack has bought CreditorWatch, which is claimed to be Australia's fastest growing credit reporting company.

The terms of the sale were not disclosed. A statement said CreditorWatch founder Colin Porter and his team would continue to run the business as a standalone unit with its existing branding.

CreditorWatch was set up in 2011 and now has 50,000 clients. It uses proprietary technology platforms and processes and is claimed to be challenging the existing credit bureau duopoly in Australia.

The two firms dominating the industry are both US companies — Equifax and Dun & Bradstreet — which share one common feature: both suffered massive data breaches this year.

CreditorWatch collects data from multiple sources to provide users with an understanding of credit risk across customers, prospects and suppliers.

Porter said the company's early focus was on small to medium enterprises (SMEs) which were 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," Porter said. "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.

“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.”

InfoTrack executive chairman Stephen 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."

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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