In what is shaping up to be a month of big moves for Verisk, the company announced Feb. 24 that it acquired Infutor, a leading provider of identity resolution and consumer intelligence data, for $225 million, plus a payment of up to $25 million subject to performance targets.
In the announcement, the global data analytics provider, which is based in Jersey City, said the Feb. 11 acquisition enhances its marketing solutions offerings to companies across several industries, including the insurance industry.
Verisk plans to integrate Infutor with Jornaya, which it acquired in 2020, to form Verisk Marketing Solutions.
“Verisk’s data analytics leadership, focus on privacy and marketing solutions assets make this the right strategic home for Infutor,” Gary Walter, CEO of Infutor, said in a prepared statement. “We not only have highly complementary data assets but we also have complementary company cultures that will drive innovation to bring even more value to our customers.”
An expert in data-driven consumer identity management and identity resolution, Infutor enables brands to gain access to complete information about consumers to make informed marketing and risk mitigation decisions. Infutor was founded in 2003 and is headquartered in Oakbrook Terrace, Ill. Norwest Venture Partners acquired Infutor in 2016.
According to the announcement, “Demand for Infutor’s services has spiked as the MarTech and AdTech communities prepare for a future without third-party cookies.” Data-driven, personalized marketing plays a critical role in customer acquisition and retention in industries such as insurance and financial services, Verisk stated.
“We are committed to continually increasing the value we deliver to our customers. Bringing Infutor and Jornaya together immediately offers CMOs and marketers a holistic solution for modern, effective and responsible data-driven strategies and programs,” Matt Lohman, managing director of Verisk Marketing Solutions, said in a statement.
Jefferies acted as the exclusive financial advisor and Goodwin Procter LLP served as the legal advisor to Infutor in connection with the transaction. McCarter & English LLP was the legal advisor to Verisk.
The announcement follows other key moves by the company. On Feb. 18, Verisk announced that Lee Shavel will take over as CEO following the retirement of Scott Stephenson later this year. And on Feb. 22, it unveiled it entered into a definitive agreement to sell its financial services business unit, Verisk Financial Services, to TransUnion for $515 million.