MERGERS AND ACQUISITIONS
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Veri-tax aims for expansion after acquisition
The Tustin-based tax verification, fraud management provider will gain capital, services.
BY BLAKE BAKKILAPublished: August 18, 2010 09:48 AM
Tustin-based Veri-tax LLC, which provides tax verification and fraud management solutions to the mortgage lending and consumer credit industry, has been acquired by Blue Horizon Capital, a Los Angeles-based private investment firm.
Blue Horizon Capital will invest in the growth of the company with fraud detection, management, and mitigation services, as well as capital.
“The mortgage industry is undergoing a dramatic shift toward responsible lending,” said Michael Chon, managing partner of Blue Horizon Capital. “Through our investment in Veri-tax, we will help empower financial services institutions with the most advanced, reliable and powerful verification and fraud prevention solutions on the market.”
Veri-tax provides income tax verification, Social Security verification, mortgage fraud report and bankruptcy verification, among other services. Its clients include two of the top four banks in the country and hundreds of lenders.
“With more regulation on the way as a result of recently passed financial reform legislation, demand for better income and credit verification tools is set to explode,” said Peter Pozzuoli, Veri-tax founder and co-president. “This is a great day for Veri-tax’s customers.”
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Blue Horizon Capital will invest in the growth of the company with fraud detection, management, and mitigation services, as well as capital. “The mortgage industry is undergoing a dramatic shift toward responsible lending,” said Michael Chon, managing partner of Blue Horizon Capital. “Through our investment in Veri-tax, we will help empower financial services institutions with the most advanced, reliable and powerful verification and fraud prevention solutions on the market.” Veri-tax provides income tax verification, Social Security verification, mortgage fraud report and bankruptcy verification, among other services. Its clients include two of the top four banks in the country and hundreds of lenders. “With more regulation on the way as a result of recently passed financial reform legislation, demand for better income and credit verification tools is set to explode,” said Peter Pozzuoli, Veri-tax founder and co-president. “This is a great day for Veri-tax’s customers.” Related headlines Saban Brands acquires Paul Frank Industries Tech Coast Angels participates in 14 deals totaling $19 million Voit sees 40 percent jump in revenue |
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