Kroll Factual Buys The Credit Network
Kroll Factual Data Inc., the mortgage screening subsidiary of Kroll Inc., New York, has purchased The Credit Network here, a mortgage credit reporting company.
The deal is valued at $20.5 million and will be paid in cash. It is expected to add $0.03 per share to Kroll's earnings in 2004.
Michael Cherkasky, president and chief executive of Kroll Inc., said, "TCN is a stellar company with a highly regarded reputation in the industry, quality clients and a solid tenured staff.
"It is an excellent fit with Kroll Factual Data and will enhance its market share, its position as an industry leader, and its profitability."
TCN is expected to generate revenue of $16.3 million in 2004.
"This acquisition has the strategic benefit of broadening our client base and revenues in the lender and wholesaler side of the mortgage lending business, which will further balance our revenues across all key segments of the industry," said James Donnan, president of Kroll Factual Data. "TCN's strength in serving nationwide lenders creates opportunities for rolling out new products to their existing customers and for further expanding our base of national accounts."
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