The integration of ChoicePoint is a critical milestone in the transformation of LexisNexis
NEW YORK (PRWEB) October 15, 2008
ChoicePoint, a provider of decision-making technology and information, will become part of the LexisNexis Risk & Information Analytics Group. The combination catapults LexisNexis to a leadership position in the rapidly-growing global risk information market, already estimated to be $15 billion. The newly integrated business unit will also offer significant benefits to legal customers. The public records offered by LexisNexis will also provide an unsurpassed resource for both corporate and private practice legal professionals.
ChoicePoint is the largest of more than two dozen acquisitions that have been added to LexisNexis over the past six years, as part of an across-the-board transformation of the company's business in the U.S. and globally. The company has moved from what was a $6 billion marketplace for legal publishing when it was founded, to serving customers across a $50 billion global market for information solutions.
"The integration of ChoicePoint is a critical milestone in the transformation of LexisNexis," said Andy Prozes, chief executive officer, LexisNexis Group. "Our future is about building upon our pioneering online heritage to meet the changing needs of our customers. We started with bringing information to our customers; today, in addition to information, we apply analytics to content and services, helping our customers see patterns, connect ideas and find answers that make their jobs much easier."
Three Key Strategic Initiatives
The multi-year transformation of LexisNexis helps customers succeed in a rapidly shifting marketplace. The transformation encompasses three major initiatives, each developed and implemented in close collaboration with customers:
1. Deliver Tomorrow's Risk Information Analytics Solutions with the Addition of ChoicePoint
With the $4.1 billion acquisition of ChoicePoint, few companies can match the array of data analytics offered by LexisNexis. The integration will significantly benefit existing LexisNexis and ChoicePoint customers by bringing together LexisNexis' market-leading risk technology and the best of ChoicePoint's highly-regarded data and analytics.
The integrated business will be the leading provider of underwriting and identity management solutions to the insurance industry, and will be ideally positioned to meet the growing risk information and analytics needs of customers across a wide range of sectors such as background screening, collections, financial services, legal, healthcare, retail, and law enforcement.
The combined business is well positioned to help businesses more effectively authenticate identity and flag suspicious transactions to save consumers and companies money. Six of the top credit card issuers, two of the top retail card issuers, three of the top cell phone providers, and a range of banks, auto lenders and wireless carriers depend on LexisNexis fraud and identity solutions. These solutions recently helped a major online retailer cut annual fraud losses by up to 70 percent.
The combination of LexisNexis and ChoicePoint will be able to deliver new and innovative tools to aid federal and state law enforcement agencies in their work. LexisNexis already provides investigative tools to more than 6,000 law enforcement and government personnel across the U.S. For instance, the Alabama Criminal Justice Information Center leverages LexisNexis solutions to enable state law enforcement agencies to monitor over 8,000 sex offenders. LexisNexis solutions have also contributed to the identification and capture of many dangerous criminals, including the Washington, DC sniper.
2. Help Legal Professionals Achieve Excellence in the Practice and Business of Law
LexisNexis has a long and proven track record for innovation in the legal marketplace. After being the first to transform legal research to online, today the company is investing in new innovations to help legal professionals use analytics and workflow solutions to make their jobs much easier.
Build New Online Legal Marketplaces
LexisNexis is revolutionizing one of the most established and respected brands in the legal industry, Martindale-Hubbell®. Using social networking technology, LexisNexis is transforming the traditional legal directory into the preeminent online destination for legal professionals. Custom designed for the legal community, Martindale-Hubbell Connected will enable legal professionals to connect, communicate and collaborate with each other to deal with legal and business issues.
LexisNexis is also investing in lawyers.comSM to become the leading resource for consumers seeking legal information. The site is currently being expanded to include online communities based around life-changing events, as well as interactive legal documents and expanded video and search capabilities.
Reinvent Legal Research
LexisNexis transformed legal research by being the first to provide online access to legal documents more than three decades ago. Today, LexisNexis is continuing that tradition of groundbreaking innovation by aggressively investing in new technology to make legal research simpler, faster, more intuitive, cost effective and even more reliable. This next generation of research tools, which are being designed with the help of extensive user research and in close collaboration with more than 100 customers, will significantly reduce the amount of time spent by users on legal research.
As part of this initiative, LexisNexis will integrate both proprietary and open databases, overhaul user interfaces to demonstrate graphic connections between critical pieces of information, and provide clear levels of certainty on the thoroughness of a search.
3. Rapidly Expand in Key International Markets
LexisNexis continues to grow in international markets where customer needs are intensifying and demand is growing, with a particular focus on India, China, Japan and Germany. The company recently made a significant investment in India, with the purchase of Wadhwa Nagpur. This acquisition makes LexisNexis the premier provider of legal information in India, one of the largest legal markets in the world measured by number of lawyers and one of the fastest growing legal markets.
"Around the world, LexisNexis is focused on helping our customers meet their business challenges – quickly, efficiently and reliably," added Prozes. "Millions of legal, risk management, corporate, government, law enforcement, accounting and academic professionals in more than 100 countries on six continents now count on us everyday to outperform and reach their goals."
LexisNexis® (http://www.lexisnexis.com) is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (http://www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 18,000 employees worldwide.