Private Investment Firm Acquires Veri-tax

""Blue Horizon Capital"":http://www.bluehorizoncapital.com, a private investment firm based in Los Angeles, California, acquired Tustin, California-headquartered ""Veri-tax LLC"":http://www.Veri-tax.com late last month.

A provider of tax verification and fraud management solutions for the mortgage lending and consumer credit industry, Veri-tax clients include two of the nation's top four banks, as well as a slew of other lenders, originators, and financial institutions.

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The acquisition will provide additional capital and resources to support the company's growth as well as the expansion of its fraud detection, management, and mitigation services.

""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.""

While Veri-tax will keep its name, management team, employees, and headquarters, Chon will join Veri-tax's founder Peter Pozzuoli as co-president of the company.

""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 Pozzuoli. ""This is a great day for Veri-tax's customers.""

Founded in 1998, Veri-tax's electronic services enable mortgage lenders, banks, and other issuers of consumer credit to make informed decisions about potential borrowers. It was also the first company to deliver IRS tax transcripts electronically to lenders nationwide.