TransUnion this week has announced the acquisition of Trustev, an Ireland-based ecommerce ID and fraud protection startup, in a $44 million deal. In addition, TransUnion will inject another5 $23 million once Trustev meet certain retention, revenue and EBITDA targets through 2018.
Fraud continues to be a huge issue for consumers and businesses these days. Chicago-based TransUnion is scaling up to expand its capabilities to better address this issue. The company has acquired Trustev, a global provider of digital verification technology for multiple industries, to beef up its ecommerce fraud protection. The deal will allow deep integration with TransUnion to create rich datasets and more advanced fraud protection technology.
Based in Cork, Ireland, Trustev is a global leader in ecommerce ID ands fraud protection solutions. Trustev helps many large retailers, financial service providers and travel companies tackle their e-commerce fraud problems.
Jim Peck, President and CEO of TransUnion, said in a statement: “As fraud grows in volume and sophistication, TransUnion continues to invest in building our global capabilities to help companies manage their risk”, and also added that: “Holistic information is a powerful tool to help our customers approve good transactions and prevent fraud, and Trustev’s innovative capabilities are at the forefront of technology in this increasingly critical field.”
Pat Phelan, Co-founder and CEO of Trustev, said in a statement: “Together, TransUnion and Trustev create a very powerful combination of software intelligence and rich data to stop online fraud. We will be able to help companies across many industries better spot bad actors online, and block their efforts, while letting good customers through. With TransUnion’s large global reach and Trustev’s online technology, this is a very positive move for all of our customers.”
Founded in 1968 and headquartered in Chicago, Illinois, TransUnion provides credit information and information management services to approximately 45,000 businesses and 500 million consumers worldwide in 33 countries. TransUnion’s customers include large companies in verticals like financial services, government, healthcare and insurance.
Both parties are bringing their expertise and strengths together in this deal. The combination of Trustev’s real-time online risk analytics with TransUnion’s deep datasets enables a whole new level of confidence in today’s fraud and identity management system. The combined solution will support account acquisition, account management and digital payments.
Image credit: LinkedIn
Monday, December 14, 2015
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