ChoicePoint(R) Acquiring Resident Data(R), Expands Presence in Tenant Screening Field
ALPHARETTA, Ga., Oct. 16, 2002 -- ChoicePoint (NYSE: CPS) and Resident Data Inc. today announced the execution of an agreement for ChoicePoint to acquire Resident Data, a leading tenant screening company for the multi-family industry. The transaction is subject to the approval of Resident Data's shareholders.
Resident Data, based in Richardson, Texas, employs about 50 people and provides services that enable apartment owners and managers to obtain background information regarding applicants to assist in leasing decisions.
The products and services of Resident Data will complement ChoicePoint's existing RenterData(SM) business, which is a comprehensive online resident screening solution. This alliance will be supported by ChoicePoint's proprietary database of more than 16 billion public records, including its National Criminal File, which includes over 63 million records of criminal convictions.
"We are pleased to add the market expertise of Resident Data, which gives ChoicePoint unsurpassed ability to screen applicants to protect the assets of multi-family property owners and help ensure the safety of all their tenants," said David Cook, vice president of ChoicePoint's Workplace Solutions group. "The combination of ChoicePoint and Resident Data accelerates our growth and presence in the field of apartment resident screening. It also supports our corporate objective to create a safer and more secure world through the responsible use of information."
As a part of the agreement, the current Resident Data top leadership team of Richard Enthoven and Lonnie Derden will continue to operate the business. "We're very pleased to have formed a partnership with a company as dedicated to excellence as ChoicePoint," said Richard Enthoven, chief executive officer of Resident Data. "We believe that ChoicePoint's ability to provide the most comprehensive information available on individual applicants will help us deliver substantial value to Resident Data's clients."
The transaction is not expected to have a material impact on ChoicePoint's financial results and ChoicePoint does not expect the acquisition to be dilutive to earnings.
ChoicePoint is the leading provider of identification and credential verification services for making smarter decisions in today's fast-paced world, serving the information needs of business, government and individuals. ChoicePoint is committed to protecting personal privacy and promoting the responsible use of information to help create a safer world. For more information about ChoicePoint, visit the company's web site at www.choicepoint.net .
ChoicePoint is a registered trademark and RenterData is a servicemark of ChoicePoint Asset Company.
Source: ChoicePoint CONTACT: Chuck Jones of ChoicePoint, +1-770-752-3594, or cell phone, +1-770-289-0894, or email@example.com Web site: http://www.choicepoint.net/