Acquisition Will Enhance Supply Chain Solution Set
JERSEY CITY, N.J., Dec. 7, 2010 (GLOBE NEWSWIRE) — Verisk Analytics, Inc. (Nasdaq:VRSK), a leading source of information about risk, announced today it has signed an agreement to acquire 3E Company, a premier provider of services that help companies comply with government-mandated environmental health and safety (EH&S) requirements relating to workplace safety and product stewardship.
Disparate workflows and inconsistent sources of EH&S data in company operations can generate severe and systemic risks. 3E’s comprehensive approach to environmental health and safety compliance management can significantly reduce regulatory, product stewardship, safety, and financial risks in the supply chain.
3E is a global source for a comprehensive suite of EH&S compliance solutions that span the entire product life cycle and supply chain — from R&D through manufacture, transport, use, and disposal. 3E has a dynamic and growing database of approximately 3.7 million material safety data sheets and a global regulatory database of more than 300,000 potentially hazardous substances. The company has more than 5,000 customers worldwide, including many Fortune 500 companies, eight of the top ten retailers, and six of the top ten chemical manufacturers.
“We are excited to bring 3E into the Verisk family,” said Scott Stephenson, chief operating officer of Verisk. “With a high client retention rate, 3E has proven itself a valuable environmental health and safety risk mitigation resource for business continuity, product life cycle management, and other business needs. 3E provides an excellent platform consistent with Verisk’s historical expertise in regulatory and compliance matters and with our focus on supply chain solutions.”
“Supply chain is a 21st century risk, and its complexities are enormous. By adding environmental health and safety aspects as well as a global footprint to our supply chain toolkit — which already includes transportation and retail risk solutions — we are taking a significant step toward internalizing the data and skill sets relevant to our current and future customers,” added Stephenson.
“We are delighted to join Verisk and eager to continue the growth of our business with the support of Verisk’s analytical capabilities and relationships,” said Bob Christie, chief executive officer of 3E.
The purchase price will be $110 million, and the transaction is expected to close in December, subject to the completion of customary closing conditions, including receipt of 3E shareholder and regulatory approvals. Verisk will use cash on hand and available capacity under its revolving credit facility to fund the purchase. The transaction is expected to be neutral to Adjusted EPS in 2011. Bob Christie, who has headed 3E since 2004, will continue to lead the company. Christie has had a distinguished 25-year career, including senior-level positions at Thomson and McGraw-Hill.
About 3E Company
3E Company offers a comprehensive suite of services for environmental health and safety (EH&S) compliance management. This suite of services addresses the entire chemical life cycle and includes regulatory research; MSDS authoring, distribution, and management; transportation; emergency response; training; regulatory reporting; and hazardous waste management. 3E boasts an industry-leading combination of a 24/7/365 EH&S mission control call center and the world’s premier hazardous substance database of global regulatory and compliance information. More than 5,000 customers partner with 3E, including Costco Wholesale Corporation, US Airways, Eastman Chemical, Shell, Temple-Inland, and Menasha. The privately held company was founded in 1988 and is headquartered in Carlsbad, California, with additional operations in Canton, Ohio; Bethesda, Maryland; Kingsport, Tennessee; Montreal, Quebec; and Copenhagen, Denmark. For more information on 3E Company, visit www.3ecompany.com.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision-support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com.
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CONTACT: MWW Group (for Verisk Analytics)
Source: Verisk Analytics
Verisk Analytics, Inc.
Eva Huston, Head of Investor Relations