CSIdentity Corporation Acquires IdentityTruth®
IdentityTruth® Products, Customers, Intellectual Property And Employees Come With Transaction
Apr 12, 2011, 08:00 ET
AUSTIN, Texas, April 12, 2011 /PRNewswire/ -- CSIdentity Corporation, the industry's leading provider of wholesale identity theft protection and fraud detection solutions, has successfully completed its acquisition of IdentityTruth, Inc., a privately-held company based in Waltham, Massachusetts. The acquisition complements CSIdentity's industry leading product and service offerings by adding the IdentityTruth® proprietary technology and analytics to its product set.
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"Our clients and business partners have to constantly stay ahead of the evolving challenges posed by identity theft and fraud," said Joe C. Ross, president of CSIdentity. "IdentityTruth's powerful identity theft scoring and prediction technology bolsters our market-leading product portfolio and keeps us at pace with the growing demand for new and innovative identity theft protection solutions."
Transaction Details
CSIdentity funded the acquisition of IdentityTruth® with cash from existing profits and funds from Investcorp Technology Partners, its anchor investor. "IdentityTruth represents a logical extension of CSIdentity's product portfolio and will make a significant contribution to the high growth trajectory CSIdentity is operating on," said Alex Guira, co-head of Investcorp Technology Partners.
CSIdentity now employs more than 80 employees in Austin, Texas, San Diego, California and Waltham, Massachusetts and has a growing technology and patent portfolio unmatched by other identity theft solution providers.
Boston Meridian served as the financial advisor to IdentityTruth®.
Growing Demand
According to 2010 studies, over 11 million Americans, including many children, have had their identities stolen. Studies have shown that 88 percent of global organizations have had a data breach, with one to three breaches occurring daily. U.S. related losses due to identity theft and fraud are estimated to be over $54 billion.
The acquisition of IdentityTruth® responds to growing demand and propels CSIdentity into a clear market leadership position in the wholesale identity theft protection and fraud detection industry.
Enhanced Product Portfolio
The company's comprehensive suite of identity theft solutions targets all aspects of identity theft and fraud through products including:
- Identity Monitoring – credit and non-credit reports, scores and alerts
- Breach – security breach services ranging from discovery to resolution
- Restoration – full service identity theft restoration services including limited power of attorney
- Platform Solutions – end to end private labeled identity theft protection platform solutions
- VoiceVerified®, a patented voice biometric identity verification system
IdentityTruth's® Identity HealthScore adds to this suite of valuable solutions by providing a dynamic method of gauging individual risk for identity theft or fraud. IdentityTruth's® proprietary system constantly receives and analyzes data from multiple sources to build a complete identity profile for an individual. Sophisticated fraud detection algorithms then evaluate a person's risk for fraud schemes and report suspicious activity such as an unrecognized address or a newly issued phone number.
All of the company's solutions are sold on a wholesale basis through CSIdentity's proprietary platforms to other businesses in the identity theft space and other key vertical markets.
About CSIdentity Corporation
CSIdentity is the technology leader in delivering, on a wholesale basis, Identity Theft Protection, Fraud Detection, Voice Biometrics, ID Verification, and Data Breach Management and Restoration Services. The company offers a comprehensive suite of business and personal security solutions targeting all aspects of identity theft. Products include full-service identity theft protection and fraud detection services, identity monitoring and alerts, voice biometrics, comprehensive background screenings, and pro-active breach management services from pre-planning, discovery and restoration.
SOURCE CSIdentity Corporation