Rapid-growth SME credit bureau CreditorWatch has been acquired by InfoTrack, a leading provider of intelligent search and automated workflow solutions for business professionals.
Founded by managing director Colin Porter in 2011, CreditorWatch has, in the ensuing six years, been able to challenge the duopoly held by incumbent credit bureaus Veda (now Equifax) and Dun & Bradstreet and grow a user-base of more than 50,000 clients.
According to Porter, the key was developing an affordable and easy-to-use credit risk platform, with credit management solutions for a demographic that was under-serviced by traditional industry providers: SMEs.
Porter said he and his team at CreditorWatch were proud to join the InfoTrack family, due to their shared customer centric-focus and commitment to technological innovation.
Stephen Wood, Executive Chairman of InfoTrack, added, “InfoTrack and CreditorWatch are tremendously complementary and there is simply a huge opportunity to create value for our respective client bases. In particular, there is a very exciting product integration potential where we can bring data and insights from CreditorWatch together with our best in class search capability to deliver unique and unrivalled products and services for our customers.”
Porter said CreditorWatch’s workforce had ballooned from six to more than 50 in the space of three years as its customer base grew.
“It was definitely time to partner up with a larger group that understood our ambition and could invest in order to cement us as a truly legitimate alternative to the incumbent players in this space,” he said.
“The fact that InfoTrack, a market leader across multiple sectors with a 17-year history, wanted to invest in CreditorWatch proves the value of our offering.”
Porter noted that he and the CreditorWatch team will continue to operate the business on a ‘standalone basis’, with existing branding retained.