Experian Finalises illion Acquisition for AU$820m
Experian, the global data and technology firm, has completed its AU$820m (US$560m) acquisition of illion, a consumer and commercial credit bureau operating in Australia and New Zealand.
The deal brings together Experian's global reach with illion's regional expertise in credit reporting and data analytics.
Leadership changes
Andrew Black, who has led Experian's Australia and New Zealand operations for seven years, will take the helm of the combined entity.
Andrew will oversee the integration process and implement growth strategies that leverage Experian's global innovations.
Malin Holmberg, CEO of Experian's EMEA and Asia Pacific region, confirms the appointment, stating: “Andrew Black will take leadership of the combined organisation, overseeing the strategic integration and growth plans, leveraging our global innovations.”
John Banfield, illion's CEO, will step down following the acquisition's completion.
John played a key role in transforming illion's performance and culture, culminating in the Experian acquisition.
Integration and growth plans
Andrew outlines a five-year strategic plan aimed at unlocking value from the combined team and capabilities. The initial phase will focus on balancing speed with service continuity for customers.
“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,” Andrew says.
The integration is expected to enhance Experian's product portfolio and data assets, providing customers with more choice and improved capabilities.
Andrew emphasises that the combined data assets will “supercharge our product and service capabilities, in alignment with Experian's global strategy, in a way that simply hasn't been possible before”.
Rebranding and cultural integration
The new combined entity will be rebranded as Experian within the next 12 months, although some illion product names with established market recognition will be retained.
Andrew highlights the importance of cultural integration, stating: “Our people are our greatest competitive differentiator, which is not only recognised by our customers but also leading workplace authorities such as Great Place to Work and Work180.
“The integration will foster a culture of collaboration, bringing together our best talent to create a unified, empowered and high-performing team.”
The acquisition brings together illion's 500-strong team with Experian's existing workforce, combining their data, software, and intellectual property.
Now unified, the business aims to enhance market choice and deliver data-driven solutions for businesses and consumers across Australia and New Zealand.
Andrew adds: “This is a historic day for our business, our people and our customers - and it's just the beginning.”
Experian continues expansion
Experian's acquisition of illion follows a recent partnership as part of its growth plan. In September, it struck a deal with Paylink Solutions to expand credit access and improve financial inclusion through innovative debt repayment technology.
The partnership integrates Paylink's innovative ReFi™ product into the Experian Marketplace, potentially opening doors to credit for millions of consumers previously struggling to qualify for debt consolidation loans.
The timing of the partnership was particularly significant, as leading markets grapple with an ongoing cost-of-living crisis that has pushed many households into financial difficulties.
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