ChoicePoint, a major insurance industry consumer data supplier, announced the acquisition of ELIOS Inc., a loss payee notification company for the insurance industry.
Terms of the deal were not released.
The Alpharetta, Ga.-based company said ELIOS, based in San Ramon, Calif., notifies vehicle finance companies and mortgage holders of policy coverage and lapses in coverage for its insurance clients.
ChoicePoint said it has developed a number of unique and valuable policy monitoring and reporting services, including PolicyWatch and ALIRtS.
ChoicePoint said the transaction is not expected to have a material impact on its financial results and it does not expect the acquisition to be dilutive to earnings.
ChoicePoint recently was ordered by the Federal Trade Commission to pay $15 million in civil penalties and consumer redress to settle charges over its security and record-handling procedures.
The company last year acknowledged that personal financial records of more than 163,000 consumers in its database had been compromised.
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