Experian has completed its acquisition of consumer and commercial credit bureau, illion, for A$820 million.
John Banfield, CEO of illion, will step down following the acquisition’s completion.
The acquisition includes illion’s team, data, software, and intellectual property across Australia and New Zealand.
The integration of illion’s 500 employees into Experian is expected to create a unified business, broadening market options and offering data-driven solutions for businesses and consumers.
Illion’s product portfolio, data assets, and customer base complement Experian’s existing capabilities.
Andrew Black, who has led Experian’s operations in the region for the past seven years, will oversee the combined entity, focusing on integration efforts and future growth.
Experian has set a five-year strategic plan to maximise the value of the combined team and resources.
The first phase will prioritise balancing speed and service continuity for customers.
Rebranding under the Experian name is expected within 12 months, though some of illion’s established product names may be retained.
Malin Holmberg, CEO Experian EMEA and Asia Pacific region, said,
“Having successfully led the Australia and New Zealand business for the past seven years, Andrew Black, will take leadership of the combined organisation, overseeing the strategic integration and growth plans, leveraging our global innovations.”
Andrew Black, CEO of Experian A/NZ added,
“This is a historic day for our business, our people and our customers – and it’s just the beginning.
Through this acquisition we aim to continue our growth trajectory in Australia and New Zealand, significantly expand our market and bring new capabilities to redefine what a data-driven technology business can be.”
Featured image credit: Edited from Freepik
