CRIF acquires ICAP, the largest b2b services group in Greece, with a strong presence in southeastern Europe
The acquisition will strengthen CRIF’s leading position in the field of business and credit information and risk management solutions in the region.
CRIF - a global company specializing in credit bureau and business information, as well as advanced digital solutions for business development and open banking - announces the acquisition of ICAP - the largest B2B Services Group in Greece, with a strong presence also in Romania, Bulgaria and Cyprus.
ICAP was established in 1964; in 2007 South Eastern Europe Fund, advised by Global Finance, acquired the majority stake with Coface, one of the world’s largest credit insurers and business information providers, and management participating in the acquisition.
With 259 employees, ICAP currently serves local markets and global clients through a wide range of added value services and innovative solutions in the field of Credit Risk & Business Information Solutions.
Moreover ICAP is the only company in Greece that has been recognized as an External Credit Assessment Institution (ECAI) by the Bank of Greece, as well as is one of the very few companies in Europe approved as a “Credit Rating Agency” by ESMA (European Securities and Markets Authority).
ICAP reports are a unique source of business information that can offer accurate and reliable insights on local companies. In particular, ICAP’s Credit Risk Services supply integrated and updated commercial and financial data driven by ICAP DATABANK, the largest business database in Southeastern Europe, with the greatest coverage of 8.7 million companies in 4 countries (Bulgaria, Greece, Romania & Cyprus). In addition, as a member of the Dun&Bradstreet network, ICAP allows access to instant information on 300 million companies in more than 190 countries, supporting credit decisions for over 1 million business transactions per year.
“In ICAP we saw an opportunity to invest behind a well-recognized Greek business to accelerate organic growth and develop the company into a regional leader. During our ownership, ICAP became the leading Business Information and Credit Risk Solutions company in Greece, Romania, Bulgaria and Cyprus. Together with the management team, we have built a solid company, and, I am confident it will continue to grow under CRIF’s leadership” said Mihalis Madianos, Partner at Global Finance.
“We are extremely pleased to join CRIF, a global leader in Credit Risk Solutions. I strongly believe that ICAP is an excellent fit for CRIF and together we are poised for accelerating the sustainable growth of ICAP in Greece, Romania, Bulgaria and Cyprus. Moreover, the fact that ICAP is now a CRIF Company, will be very beneficial for our Clients (access to advanced CRIF Solutions) and our People (better career prospects)” commented Nikitas Konstantellos, CEO of ICAP.
“We are happy to announce the acquisition of the leading provider of business information in Southeastern Europe, allowing CRIF to consolidate its presence in the region. Both CRIF and ICAP are totally focused on providing an integrated offering able to minimize portfolio losses, maximize returns and build the long-term growth of our clients. Through this deal, CRIF will combine its expertise and innovative solutions with ICAP’s market knowledge and added value services, helping local companies and our global clients to keep on growing and innovating” said Carlo Gherardi, Chairman of CRIF.