Trustev, headquartered in Cork and led by Pat Phelan, has been bought for $44m
Cork-headquartered digital fraud protection company Trustev has been acquired by TransUnion for $44m.
Trustev, whose technology protects businesses and consumers from fraud, is an e-commerce ID and fraud detection player led by entrepreneur Pat Phelan.
The company’s technology helps organisations detect fraud in real-time using big data analytics. Trustev’s technology evaluates online transactions in real time with machine learning, enabling customers to stop fraud and authorise legitimate purchases.
Digital fingerprinting for e-commerce
TransUnion has already integrated Trustev technology into its ID Manager product, and customers have experienced up to a 60pc decrease in fraud losses while boosting approvals.
“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 CEO.
“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.”
Chicago-based TransUnion will pay $21m upfront for Trustev and a further $23m depending on Trustev’s management team meeting specific targets, including revenue, customer retention and EBITDA targets, by 2018.
The acquisition closed yesterday (9 December).
“Together, TransUnion and Trustev create a very powerful combination of software intelligence and rich data to stop online fraud,” said Trustev CEO Pat Phelan.
“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,” Phelan added.
