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ChoicePoint® Acquires Bridger Systems, Broadens Solutions for Financial, Anti-Terrorism Compliance
ALPHARETTA, Ga. – October 2, 2003 – ChoicePoint (NYSE: CPS), the leading provider of identification and credential verification services, today announced its acquisition of Bridger Systems Inc., a leading risk management software research and development company based in Bozeman, Mont.
The acquisition enhances ChoicePoint’s suite of services related to PATRIOT Act compliance for the financial services industry by combining the industry-leading authentication and due-diligence expertise of ChoicePoint with Bridger Systems’ advanced technology solutions. Transitioning begins immediately to consolidate the entire Bridger suite of products into the offerings of the ChoicePoint Public Records Group, creating a comprehensive set of solutions for identity verification and compliance with new anti-terrorism laws.
Terms of the acquisition were not disclosed. ChoicePoint does not consider the acquisition to be material and does not expect it to be dilutive to earnings.
“Bridger has an excellent reputation for cutting-edge technology, which significantly enhances the services and capabilities that ChoicePoint brings into the market,” said Michael Reene, vice president and general manager, ChoicePoint Public Records Group. “We now provide our clients with more innovative, intuitive and effective tools, experience and guidance.”
Bridger Systems, which was established as an independent software research and development company in 1991, serves clients in several industries, including financial services, insurance and travel. Each of these existing clients will now have access to enhanced identity verification services.
Bridger’s management team and approximately 35 associates are expected to remain with ChoicePoint.
“Bridger is very pleased to be joining a company with ChoicePoint’s commitment to making the U.S. a safer place,” said Colleen Howell, Bridger Systems president. “ChoicePoint’s dependable and rich identification data will not only help clients feel more secure that they are complying with the new laws that are designed to fight fraud and terrorism, but also know that they are using leading technology and information to ensure they are making a diligent commitment to ‘know their customers.’”
“The first offering from the combination provides expanded information and new solutions to help organizations assess possible ‘false positive hits’ against terrorist watch lists to ensure legitimate customers are not confused with ‘bad actors’ as financial institutions comply with new federal regulations that became effective on Oct. 1,” Reene said.
The USA PATRIOT Act – an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” – requires financial institutions to verify and identify all new customers, maintain records relating to information used to verify customer identities, and check customer names against government-maintained lists of suspected terrorists. The Act requires banks and other financial institutions to verify the identity of account holders, and expands and strengthens the tools used by law enforcement to prevent financing of terrorism, identity theft and money laundering.
“By combining ChoicePoint’s information strengths with Bridger’s unique customer premise solutions, customers now receive the industry’s most extensive turn-key, customizable solution for PATRIOT Act compliance, enhanced due diligence for preventing money laundering, and fraud and identity validation,” Reene said. “Best of all, customers can run these solutions fully within their own secure sites without the risks of shipping customer lists to third-party processors.”
About ChoicePoint
ChoicePoint (NYSE: CPS) is the leading provider of identification and credential verification services for making smarter decisions in a world challenged by increased risks. Serving the needs of business, government, non-profit organizations and individuals, ChoicePoint works to create a safer and more secure society through the responsible use of information while ensuring the protection of personal privacy. |
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