ACQUISITIONS AND INVESTMENTS |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITIONS AND INVESTMENTS | ACQUISITIONS AND INVESTMENTS
2023 Acquisitions and Investments. In the first quarter of 2023, the Company acquired a company in Canada within the International operating segment. On August 7, 2023, we acquired the remaining interest of our investment in BVS, a consumer and commercial credit information company in Brazil, within the International operating segment for total consideration of approximately $870 million consisting of approximately $510 million in cash, 2,171,615 shares of Equifax do Brasil with a fair value of approximately $176 million, and 479,725 shares of Equifax Inc. common stock with a fair value of approximately $95 million. Additionally, we previously owned a 10% investment in BVS with a fair value of approximately $89 million. We have completed the allocation of the purchase prices for the 2023 acquisitions.
2022 Acquisitions and Investments. In the first quarter of 2022, the Company acquired 100% of Efficient Hire, a provider of cloud recruiting, onboarding and human resources management solutions, within the Workforce Solutions operating segment, and Data Crédito, a consumer credit reporting agency in the Dominican Republic, within the International operating segment. In the third quarter of 2022, the Company acquired 100% of LawLogix, a provider of cloud-based I-9 software and immigration case management software, within the Workforce Solutions operating segment, and Midigator, a provider of post-transaction fraud mitigation solutions, within the USIS business segment. We have completed the allocation of the purchase prices for the 2022 acquisitions.
Purchase Price Allocation. The following table summarizes the final fair value of the net assets acquired and the liabilities assumed for the acquisitions occurring in 2023.
(1)Purchased intangible assets are further disaggregated in the following table.
(2)The goodwill related to the 2023 acquisitions was recognized in the International operating segments. As of December 31, 2023, an immaterial amount of the goodwill related to the 2023 acquisitions was tax deductible.
The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill.
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