CRIF Expands Its North American Presence With The Acquisition of Magnum:  CRIF and Magnum Communications, Limited announced in January that they have completed a definitive agreement whereby CRIF has acquired Magnum.  This move is beneficial for both companies and creates a strong synergistic relationship that will benefit Magnum clients and the market at large.

“The acquisition of Magnum provides CRIF with greater scale, extends our presence in the U.S. and North American credit markets, and expands the distribution channel for our software solutions and risk analytic services,” said CRIF CEO Carlo Gherardi.  “The addition of Magnum’s product offerings, including CREDICHECK® and RapUP®, underscores CRIF’s commitment to providing the most comprehensive range of solutions to our clients.”

“We believe this is a very attractive relationship for our clients” stated Carl Eikhoff, Magnum’s founder and CEO. “We are very impressed by CRIF’s success, global presence, personnel, and their software and information services. We feel the synergies between the two companies are very strong, and the combined team will allow us to bring new benefits to our current clients and the market as a whole.”

Under this agreement, Magnum, already a leader in credit data access, analysis and decision applications, will also be able to provide web-based workflow management, loan origination, expanded international data acquisition, as well as new and enhanced score card development and desktop simulation tools. In addition, many of Magnum’s international clients will now take enormous advantage of it and have the possibility to develop and implement global strategies for consistent data access and scoring rules.   Source: Company Press Release

BIIA Newsletter April 2008 Issue