Product Overview

BusinessMatch Overview

BusinessMatch is Livesight’s proprietary entity resolver and industry classification tool.

Given a stated US business name (allowing for minor misspellings and special characters) and business zip code, BusinessMatch returns the following:

• Correct legal entity name of the business

• Full business address

• NAICS-6 industry code (or SIC-4 industry code)

• Optional firmographic data (such as revenue, headcount, company URL, and time in business)

BusinessMatch serves a broad range of users, including SMB lenders, data aggregators, payment providers, and SMB insurance providers. BusinessMatch helps users:

• Reduce the time and cost of acquisition

• Reduce reliance on self-reported data in the onboarding or underwriting process

• Reduce duplication of business records

• Increase the accuracy and coverage of NAICS (or SIC) industry classification

Industry Classification

Industry classification is an integral step in the SMB underwriting and onboarding processes. Often, self-reported industry information is inaccurate or incomplete, triggering a manual review where the underwriter must research the business and determine the NAICS code. With limited NAICS resources and conflicting web results, this step is often a “best guess” scenario, especially for small businesses or industrial companies lacking an online presence.

BusinessMatch reduces the need for manual review and increases the accuracy and coverage of industry classification by providing a NAICS code via a sub-second API call or batch process. Each NAICS code is delivered with a confidence score, which allows the user to filter results according to their comfort level. We typically recommend accepting any confidence score over 90 as accurate.

Spring Labs conducts a manual sampling review of each data study to ensure match quality, continually improving upon our proprietary matching algorithm. With each business name, our machine learning algorithm determines the best NAICS match from multiple sources, including but not limited to Secretary of State filings from all 50 states.

Data Sources

BusinessMatch uses a combination of third-party and internally sourced data, including SEC filings for public companies, financial statements, online data sources, and scraping company websites. BusinessMatch uses ~10 sources for NAICS classification, including Secretary of State filings. All BusinessMatch data sources are refreshed quarterly, at a minimum.