Veda acquires Kingsway increasing its scale and capability in procurement risk
Sydney, Australia, Wednesday 10 September 2014: Veda, the data analytics company and leading provider of credit information and analytics in Australia and New Zealand, today announced the acquisition of financial risk assessment company, Kingsway Financial Assessments Pty Limited (Kingsway).
Kingsway has been in business for over ten years providing independent financial assessment services to support better decision making and improve risk management for procurement professionals. Kingsway helps its government and business customers to identify if companies they may be considering doing business with are in financial distress or at risk of insolvency, and hence help them evaluate their capacity to deliver projects, goods and services.
Veda CEO, Nerida Caesar, said: "We chose Kingsway because it will increase our scale and capability to conduct financial risk assessments, improving the services to our government and business customers.”
The acquisition of Kingsway was carefully targeted and is a natural fit with Equifax's existing commercial credit and supplier risk portfolio. Kingsway will not only help Veda increase its reach within the government sector, but also provide its customers with even greater insights. This is made possible through the expanded market coverage of financial data, service from an extended team, and excellent process and operational synergy.
Kingsway’s founder and Executive Director, Robert Jochelson said "We see Veda as a natural home for our business. It allows us to maintain the high level of service to existing customers and leverage Veda’s market leading data assets to offer greater value to our customers.”
Mr Jochelson and co-founder Andrew Hyman will remain with the business, reporting to Mr Moses Samaha, the General Manager of Equifax's Commercial Credit & Procurement Risk business.
Kingsway was established in 2001 to provide independent financial assessment reports to private and public sector procurement professionals to support better decision making and improve risk management. Robert Jochelson and Andrew Hyman were founding directors.