Credit and information management company TransUnion has acquired Trustev, a global provider of digital verification technology.
TransUnion paid $21 million in cash at closing and may pay up to an additional $23 million should Trustev reach certain targets by 2018.
TransUnion technology reduces risk exposure and potential loss through the analysis of identity-related data, while Trustev’s evaluates transactions in real time through machine learning. TransUnion has already incorporated Trustev technology into ID Manager, a product combining both consumer and device profiles into a single reading.
“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.”
Trustee’s CEO believes the two companies nicely complement each other.
“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,” Pat Phelan said.