CreditorWatch founder Colin Porter says it is definitely time to partner 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”.
“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.
“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.”
The executive chairman of InfoTrack, Stephen Wood, welcomed the completion of the strategic investment in CreditorWatch, the first since the $350 million raising in the Term Loan B debt market by parent company, Australian Technology Innovators.
Wood described the capital raising as a landmark deal for an Australian technology company.
“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.
“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.”
Under the deal, Colin Porter and the existing CreditorWatch team will continue to operate the business on a standalone basis with existing branding retained.