Boa Vista was established in mid-2010 through a spin-off of the credit analysis area of the São Paulo Trade Association (“ACSP” – Associação Comercial de São Paulo), comprising the Central Credit Protection Service (“SCPC” – Serviço Central de Proteção ao Crédito). The Company began to operate nationwide, providing credit information, managing a database with business and registration data of companies and consumers, in addition to records of transactions between companies. On October 8, 2010, the Paraná Trade Association, the Rio de Janeiro Shopkeepers Club (Clube de Diretores Lojistas do Rio de Janeiro) and the Porto Alegre Shopkeepers Chamber (Câmara de Dirigentes Lojistas de Porto Alegre) (jointly referred to as “Partners”) acquired six point nine percent (6.9%) of the Company’s capital stock, contributing the records kept in each of their respective regions. Such acquisitions were strategic to strengthen the Company’s operations nationwide, especially in the states where the Partners are based. On the same date, an “Information Supply and Data Update Agreement and Other Covenants” was signed between the Company and the Partners to govern the supply, on an exclusive basis, of information and data collected in the respective regions where the Partners operate to the Company, in order to expand the database and enhance its capacity and service quality. The TMG Capital private equity fund (through its vehicle Bureau de Crédito do Brasil Participações S.A.) acquired a twenty-five percent (25%) interest in the Company for R$220 million on October 29, 2010, and increased its interest to around thirty percent (30%) on December 7, 2016, through the exercise of the stock option granted to TMG Capital within the scope of the final agreements entered into at the time TMG Capital acquired an interest in the Company. These instruments included the Company’s Shareholders’ Agreement, designed to govern the relationship between Company shareholders, establishing rules related to voting rights, management and restrictions on the transfer of Company shares.
In May 2011, the Company took over the operation of international company Equifax Inc. in Brazil, which until then had been conducted by Equifax do Brasil, through the acquisition of a fifteen percent (15%) interest in the Company, reinforcing its database with legal entity data held by Equifax do Brasil. Once the databases, teams and products of the two companies – Company and Equifax – were consolidated (in 2013), the Company changed its existing products in the marketing services industry through the creation of “BlueBox Boa Vista” (an online platform that analyzes, segments and recommends the most appropriate business opportunities for the client by providing data on the entire Brazilian market, with portfolio analysis and geographic segmentation), which contributes to more effective prospecting for opportunities.
In 2015, the Company, in partnership with other Brazilian credit bureaus, founded the National Association of Credit Bureaus (A.N.B.C.), a non-profit entity with the mission of representing the sector, encouraging financial education and helping create a regulatory and legal environment conducive to credit management that stimulates the Brazilian economy, while contributing to the sustainable development of credit in Brazil and promoting best practices in the sector. In 2017, the Company began sharing data costs, having signed a shared protest data purchase agreement with some strategic partners, which resulted in a significant reduction in the Company’s direct investments in data purchases, since these costs are now shared between the Company and its competitors, with no change in the amount of data sourced. In the same year, the Company intensified its strategy of investing in technology, migrating its stored data to cloud-based technology platforms.
In 2018, the Company’s investments in solutions with higher added value for its clients boosted sales of “Decision-making Services” with analytical components, through the application of intelligence to a large mass of data, customized products and services, and flexibility to serve different market demands throughout the country. This increase in sales led to an upturn in the Company’s revenue. In 2019, the Positive Register Law (Law no 12,414), passed in 2011, was amended to provide for the automatic inclusion of individuals in the Positive Register system databases. The change in the Law, which allows consumers to be scored based on the bills they pay monthly and not only on the bills they fail to pay, increases inclusion of individuals historically without access to credit.
The COVID-19 crisis began in late March 2020. In preparation for and in response to the adversity caused by the pandemic, the Company has adopted remote work for almost all its employees, except those who perform essential activities. To this end, the Company has provided all employees with laptops and developed guidelines to minimize the risk of contagion, such as the obligation to respect social distancing, in a manner consistent with the concern for the well-being of its employees and clients, without affecting business continuity. To meet the new demands arising from the crisis scenario, the Company took the initiative to launch analytical products that increase our clients’ chance of success in dealing with the impacts of the pandemic; it also strengthened the relationship with these clients in order to better understand the new needs stemming from changes in consumer behavior as a consequence of the crisis.
As a result of these efforts, the Company can offer several iterations of new solutions to help clients resume or boost their activities. Despite the impact on the form of work and on clients and suppliers, in 2020, the Company will continue to implement its cloud migration and digital transformation plan, which is expected to be completed by the end of 2021, so that it will already have been implemented when the economy rebounds.
On September 28, 2020, the Company’s registration as a category “A” publicly held company was granted by the CVM; the Company was subsequently listed in the Novo Mercado special listing segment of B3 S.A. – Brasil, Bolsa, Balcão; and its shares began trading on September 30, 2020.
The Company believes it is the second largest company in the data management and analysis industry in Brazil and the fastest growing company in the sector in the last five years, in both cases in terms of net revenues. Having evolved from a traditional credit protection service, present in the Brazilian market for over 60 years and with presence in all states of the country, the Company initially worked to reduce the asymmetry of information between several market participants, making client prospecting and credit analysis and collection more secure and accessible. Drawing on its vast experience with clients operating in different economic sectors, initially in retail, but currently in all segments of the economy, from large financial conglomerates, banks, financial service providers to fintechs and insurance and telecommunications and energy companies, the Company now structures analytical information on individuals and legal entities, generating more in-depth knowledge that enables its clients to make better business decisions. The Company has a national geographic presence, being present in all Brazil states, with revenue concentrated in the Southeast and South, the richest regions of the country, which concentrate most of the national Gross Domestic Product (GDP). The Company’s services are offered by a diverse sales force in terms of reach and depth in all regions of the country, composed of its own salespeople, sales representatives and partner entities. Data analysis services have grown rapidly due to the need for companies to make business decisions based on an increasing amount of information. According to the “2018 Global Analytics Market” report, the global data analysis market, for credit granting alone, totaled US$108.31 billion in 2018 and is expected to reach US$214.20 billion by 2023, representing a compound annual growth rate (CAGR) of 14.61% in the period. In this sense, the Company stands out for the collaborative approach to developing innovative solutions, which are customized to meet the needs of its clients, transforming raw data into structured solutions, focused on helping clients make more assertive and efficient decisions. When developing products and solutions, the Company combines analytical intelligence and state-of-the-art technology, which not only are applied to its clients’ databases but also boost its proprietary database, which currently comprises records of approximately 240 million individuals and 40 million legal entities. The data analysis market in Brazil is going through a key period in its history, with solid growth prospects for the expansion of the Company’s activities. In particular, the regulatory environment in which the Company operates has recently undergone an important review, with recent changes in the legal regime of the Positive Register, a database with information on the payment history of a broad base of consumers and companies. The Company is a pioneer in the management of the Positive Register in Brazil, with a leading market position; it is the preferred solution provider for fintechs operating in Brazil, thanks to its ability to design and offer a wide range of information solutions to support the strategic decisions of its clients. The range of products on solutions developed and offered by the Company includes the preparation of reports, scoring models (applied to identify consumers, sell credit or products and manage the churn rate), credit collection services, client prospecting, among others, divided into two main lines:
This line of services includes all decision support services (scoring products data analytics), and a relevant part of revenue generated by this line of services comes from the provision of services that require different degrees of data analysis and are subject to greater or lesser customization. The services comprised in this line are segregated into four sub-groups, as defined below: Analytical Solutions – the Company’s most relevant portfolio of services. Based on data presented in risk reports, information provided by its clients, other proprietary databases and data from the Positive Register, it provides analytical solutions based on statistical models to help companies make more assertive and efficient business decisions. Risk Reports – a portfolio of services that comprises reports with registration, demographic, behavioral and restrictive reports to support companies in risk assessment. Marketing Solutions – a portfolio of services to help companies identify new clients and increase profitability. The Company provides solutions with analytical intelligence to help companies identify consumers with the most appropriate profile for their respective target audiences, increasing their LTV (Life Time Value), after data are input into the respective databases. Consumer Solutions – solutions that provide consumers with information to enable them to manage their financial life by checking their credit history or inclusion of debts, for example.
This line of services includes credit recovery support services, comprising collection platforms, electronic notifications and printed letters sent to defaulting parties in order to assist clients in the credit collection process. This line of services is divided into two sub-groups, as defined below: Digital Solutions – our focus service portfolio, comprising efficient solutions for managing the clients’ non-performing portfolios and sending collection notices to debtors through digital means, such as e-mail with legal validity and Short Message Service (SMS). Printed Solutions and Reports – sending of printed debt collection letters to debtors and reports containing the debt history of the defaulting parties.