Credibility Corporation Announces $100M Commitment from Great Hill Partners
LOS ANGELES AND BOSTON -- July 29, 2010 -- Credibility Corp., a privately-held company based in Los Angeles, CA, today announced that it has secured a $100M commitment from Boston-based Great Hill Partners, a private equity firm that manages over $2.5 billion in capital, to build a business focused on credit and credibility services for businesses. In addition to the $100M future commitment, Great Hill Partners has also funded Credibility Corp’s recently announced acquisition of the North American Credit-on-Self division, also known as the Self Awareness Solutions (SAS) operating unit, of D&B (NYSE: DNB). Moving forward, the new company will be called Dun & Bradstreet Credibility Corp and is wholly owned by Credibility Corp.
As part of this agreement, D&B and Dun & Bradstreet Credibility Corp. have entered into a long-term strategic alliance to develop and co-market products and services. The value of the transaction and long-term strategic alliance is approximately $100 million. Additional terms of both transactions remain confidential.
“In 2010, businesses are facing a credit crisis as access to capital is becoming increasingly harder to achieve. During a credit crisis, services that focus on improving credit and credibility are essential for businesses to come out on top,” Jeff Stibel, Chairman and CEO, Credibility Corp. “Our strategic alliance with D&B provides the fundamental services that businesses need to establish, monitor and manage their credit. Through our relationship with Great Hill Partners, we will be able to unlock the company’s inherent value and dramatically improve the product we offer to customers.”
The Dun & Bradstreet Credibility Corp. will become the exclusive provider of Credit-on-Self credibility solutions built on D&B’s heritage of enabling businesses to establish, grow, and manage their business credit and credibility. In addition to its core set of services, the company also provides other related solutions focused on the needs of its customers. Primary examples of products and services include credit file building services, expedited DUNS numbers, business credit monitoring, business credit profiles, and web building tools.
“Great Hill has historically focused on growth-oriented investments that provide core value to businesses and consumers,” said Michael Kumin, Partner of Great Hill Partners. “By partnering with Jeff and his team at Credibility Corp., we become involved with an organization focused on providing the single biggest need for businesses today: establishing, managing and building their credit and reputation.”
Credibility Corp. is led by Jeffrey M. Stibel and an established team of executives with considerable experience creating successful public and private enterprises. Stibel was previously President and CEO, Web.com (NASDAQ: WWWW), General Manager, United Online (NASDAQ: UNTD), and currently serves on the Board of Directors for The Search Agency, EdgeCast, Autobytel (NASDAQ: ABTL), and VitaCost (NASDAQ: VITC), as well as on academic Boards for Tufts University and Brown University.
About Dun & Bradstreet Credibility Corp.
Dun and Bradstreet Credibility Corp is the leading provider of credit management and credibility building solutions and is the exclusive provider of solutions for businesses looking to monitor, maintain, and manage their credit with D&B throughout the U.S. and Canada. The company is a wholly-owned subsidiary of privately-held Credibility Corporation with headquarters in Los Angeles, CA.
About Great Hill Partners
Great Hill Partners is an investment firm that manages over $2.7 billion in capital and focuses on investing in growth companies operating in the business and consumer services, media, transaction processing and software industries. Great Hill Equity Partners IV, L.P. and its affiliates target equity investments of $50 million to $150 million. For more information, please visit the Great Hill Partners web site at www.greathillpartners.com.