The combination also adds momentum to Equifax's global strategy, which over the past year has led to expanded operations and sales in Europe, Latin America and Asia.

"Our goal in Canada is to achieve a level of quality and customer service unparalleled in the marketplace," said J.C. Chartrand, chairman and CEO of Equifax Canada. "The combination of strengths and resources held by Equifax and Creditel will enable us to provide our customers with information solutions and help them make more effective and more profitable business decisions."

By joining forces, Equifax and Creditel have created a new organization that becomes the leading provider not only of commercial and consumer credit information but also accounts receivable services in Canada. The two companies had reached an agreement in principle earlier this year setting terms for Equifax's acquisition of Creditel.

Financial terms of the transaction were not disclosed.

"We have been a major force and part of the fabric of the Canadian economy literally for decades," noted Thomas F. Chapman, Equifax Executive Vice President. "So when the opportunity arose to combine Creditel of Canada with Equifax, we saw a tremendous synergy as we11 as a chance to offer both sets of customers access to new business services and products that will help solve business problems. And that's the most important benefit."

Creditel of Canada was founded in 1970 and over the years, developed a strong presence in the commercial credit information sector helping to reduce the risk of business-to-business transactions. The company is headquartered in Toronto and posted 1995 revenues of $34 million (Canadian).

"Creditel has a long and illustrious history and we are convinced that this union ensures the best possible service and product quality for our 10,000-plus customers," said Marcel Desautel, president and general manager of Creditel. "By combining the depth and quality of the information held by our respective companies, we see a new organization that's going to become the clear, preferred choice in Canada."

Equifax Canada, founded in 1919, is Canada's leading provider of information services that help consumers and businesses obtain credit, insurance, employment and other related benefits while helping businesses and employers evaluate the risks and maximize the opportunities in these transactions. It is part of Equifax Inc. (NYSE: EFX), the leading global provider of information solutions. Established in 1899 in Atlanta, Equifax today employs 14,000 people throughout North and South America, the United Kingdom and continental Europe. Revenues for the 12 months ended June 30, 1996, totaled $1.7 billion.