red violet and Innovative Enterprises Announce Strategic Alliance to Deliver Advanced Solutions to the Background Screening Industry
BOCA RATON, Fla.–(BUSINESS WIRE)–Red Violet, Inc. (NASDAQ: RDVT), a leading provider of information and analytical solutions, and Innovative Enterprises, Inc. (“Innovative”) announced today a strategic alliance with the goal of delivering advanced identity verification, fraud prevention and risk mitigation solutions to the background screening industry. Through a long-standing commercial relationship, Interactive Data, LLC (“IDI”), a red violet subsidiary, and Innovative have identified significant opportunities to build upon the combination of their powerful solutions and expertise. As a result, Innovative will leverage IDI’s advanced algorithms and its proprietary data and analytics platform, CORE™, to strengthen the accuracy, depth and breadth of its market-leading products and solutions to the background screening industry. IDI has designated Innovative as the exclusive platform to deliver integrated products and solutions to the background screening industry. Innovative, an expert solutions provider to the background screening industry, serves a majority of the largest and highest-quality employment screening firms through its enterprise-class solutions, supporting tens of millions of background checks annually. “Partnering with IDI and leveraging their unique analytical capabilities delivers significant added value to the industry’s leading professional background screening firms we serve,” stated Clifford J. Williams, Innovative’s Founder and CEO. “IDI’s advanced technology far surpasses what is currently available through competing services, and we are excited to work with IDI’s team of visionaries to deliver highly-differentiated solutions to our customers.” “Innovative’s decision to further strengthen our relationship through this partnership when there are larger, more established competitors is very significant to us in terms of the continued acceptance and adoption of our solutions in the background screening industry,” said Derek Dubner, CEO of red violet and IDI. “We are excited to partner with Innovative, a top-tier provider and thought leader, to build integrated solutions for the background screening industry and to accelerate IDI’s market expansion.” About red violet™ At red violet, we believe that time is your most valuable asset. Through powerful analytics, we transform data into intelligence, in a fast and efficient manner, so that our clients can spend their time on what matters most – running their organizations with confidence. Through leading-edge, proprietary technology and a massive data repository, our data and analytical solutions harness the power of data fusion, uncovering the relevance of disparate data points and converting them into comprehensive and insightful views of people, businesses, assets and their interrelationships. We empower clients across markets and industries to better execute all aspects of their business, from managing risk, conducting investigations, identifying fraud and abuse, and collecting debts. At red violet, we are dedicated to making the world a safer place and reducing the cost of doing business. For more information, please visit www.redviolet.com or www.ididata.com. About Innovative Enterprises, Inc. For more than twenty years, Innovative has served as an expert strategic partner to the background screening industry. Firms that power their screening processes using Innovative’s industry leading solutions experience an average rate of growth that far outpaces industry norms. Innovative commands an intimate knowledge of its core competencies gleaned from more than two centuries of cumulative staff experience in public records research and aggregation, law enforcement, judicial administration and private investigation. An industry leader since 1996, Innovative is a founding member of the National Association of Professional Background Screeners and has helped to raise the bar through its active participation in the formulation of best practice guidelines for industry providers across various segments. Innovative was honored in 2008, 2009, 2015, 2016 and again in 2017 as one of the Inc. 500|5000 Fastest Growing Privately Held Companies in America. For more information, please visit www.knowthefacts.com. FORWARD-LOOKING STATEMENTS This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipate,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether Innovative will be able to leverage IDI’s advanced algorithms and its proprietary data and analytics platform, CORE™, to strengthen the accuracy, depth and breadth of its market-leading products and solutions to the background screening industry; whether the strategic alliance between IDI and Innovative will deliver significant added value to the background screening firms that Innovative serves; and whether IDI’s technology far surpasses other competing services. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading “Forward-Looking Statements” and “Risk Factors” in Red Violet’s SEC Filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Alex Partners, LLCContacts
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President
Scott@alexpartnersllc.com