Verisk paying 151M for risk insight solutions firm

Jersey City-based data provider Verisk Analytics Inc. has agreed to acquire risk insight solutions firm LCI, it announced Thursday.Jersey City-based data provider Verisk Analytics Inc. has agreed to acquire risk insight solutions firm LCI, it announced Thursday.

The company will pay $151 million in cash for the Burlingame, California-based firm, which focuses on banks and creditors, according to a news release.

“The acquisition will bring together Verisk’s unique proprietary data assets from its Argus business and LCI’s high-quality proprietary time-series data, including consumer and commercial bankruptcies, consumer behavior, and legal and technical terms associated with debtor settlements,” Nana Banerjee, Verisk group president, said in a prepared statement. “The combination will allow us to introduce a new and exciting range of insights, proprietary decisioning algorithms and state-of-the-art risk management workflow solutions aimed at addressing a growing need among our banking clients.”

Verisk Chairman, CEO and President Scott Stephenson added: “Given LCI’s unique data assets, first-mover advantage and deep bankruptcy management expertise, I’m confident LCI is an excellent fit for the Verisk Analytics family of businesses.”

Verisk’s Argus unit is a provider of information, scoring solutions and advisory solutions to financial institutions. It is headquarter in White Plains, New York, and has offices around the globe.

“We’re delighted to join Argus, and together support the most forward-thinking financial companies in the world with data-driven solutions that can improve matters associated with regulation, bankruptcy, charge-off and debt collection,” LCI CEO and President Chris Lundquist said in a statement. “LCI is an excellent fit for Argus’ sharp focus on advising creditors throughout the account management life cycle.”

The deal is expected to close in the third quarter, subject to customary approvals and conditions.