One of Yorkshire’s biggest technology firms has been sold to an American firm in a deal worth £1bn.
Callcredit is the second largest consumer credit bureau in the UK and was founded in 2000, providing data, analytics and technology solutions to help businesses and consumers make informed decisions.
Callcredit turns over more than £200m and is active all over the world, having made a number of significant acquisitions across the world in recent years, particularly in Europe and the Far East.
Parties from both Callcredit and TransUnion were unable to confirm if the deal would mean the Callcredit brand would remain in place or whether it would be rebranded under the TransUnion umbrella.
It is also not clear what impact the deal will have regarding staffing at the firm, which employs more than 1,300 people, mainly in Leeds.
The acquisition is anticipated to close during the summer, pending approval from the regulators.
Jim Peck, TransUnion’s president and chief executive officer, said: “TransUnion and Callcredit have strong synergies across our business models and solutions, and we share a commitment to using information to benefit consumers and global economies alike.
“Callcredit is an outstanding acquisition for TransUnion, and together, we’ll be a powerful force to deliver value to shareholders, customers and consumers across all the markets we serve.”
David Neenan, president of TransUnion’s International business said: “We continue to drive growth by identifying and investing in attractive international markets.
“As a leader in the world’s second largest credit market, Callcredit certainly fits the model.
“And, with the growing trend of multi-bureau usage in the UK, we believe this is the right time to introduce TransUnion into the market.”
Mike Gordon, Callcredit chief executive officer, said: “Investment by a global company with an established track record, shared values and leadership who recognized our market potential is absolutely the right fit for us and the market.
“We are excited about the future and unique opportunity to elevate our competitive advantage with TransUnion through our combined innovation and expertise.”
Callcredit has nearly doubled its turnover since 2012.
Following an application to the Financial Conduct Authority (FCA) in 2016, in 2017 the group’s wholly owned subsidiaries Callcredit Limited and Callcredit Consumer Limited achieved full FCA authorisation.
Legal advice for the latest deal was provided by a specialist team from transatlantic firm Squire Patton Boggs, which as a large office in Leeds.