A system, method, and computer program product perform text equivalencing. The text equivalencing is performed by modifying a string of characters by applying a set of heuristics, comparing the modified strings of characters to known strings of characters. If a match is found, the text equivalencing engine performs database update and exits. If no match is found, sub-strings are formed by grouping together frequently occurring sets of characters. An information retrieval technique is performed on the sub-strings to determine equivalent text.