TransUnion (NYSE: TRU) is building on its success as a trusted source of fraud and identity management solutions with the acquisition of Trustev, a global provider of digital verification technology to multiple industries.
TransUnion’s fraud and identity management solutions analyze identity data in order to reduce risk exposure and potential losses. Trustev’s technology evaluates online transactions in real time with machine learning, enabling customers to stop fraud and authorize legitimate purchases. Based in Cork, Ireland, Trustev has a strong record of innovation in profiling devices, analyzing digital behaviors and verifying online identities.
“As fraud grows in volume and sophistication, TransUnion continues to invest in building our global capabilities to help companies manage their risk,” said Jim Peck, TransUnion’s president and chief executive officer. “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.”
With Trustev’s online risk analytics and TransUnion’s deep datasets, the combined platform offers customers new levels of confidence to support account acquisition, account management and digital payments. TransUnion has already integrated Trustev technology into its ID Manager product, and customers have experienced up to a 60% decrease in fraud losses while boosting approvals.
ID Manager and other TransUnion fraud and identity management solutions are used by companies worldwide across a variety of industries including financial services, government, healthcare and insurance.
“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,” said Pat Phelan, co-founder and chief executive officer of Trustev.
The acquisition closed on December 9. TransUnion paid approximately $21 million in cash at closing, with agreement to pay up to an additional $23 million contingent on Trustev achieving specified retention, revenue and EBITDA targets through 2018.
Trustev is a leader in identifying online fraud in real time, to stop fraudsters and to help good customers make purchases. Headquartered in Cork, Ireland, with North American headquarters in New York City, the company helps many large retailers, financial service providers and travel companies tackle their e-commerce fraud problems. Trustev technology blends human fraud intelligence with machine learning to spot fraud more accurately than any other platform. More information is at www.trustev.com.