ATLANTA, Jan. 8, 2021 /PRNewswire/ -- Equifax® (NYSE: EFX) a global data, analytics and technology company has signed a definitive agreement to acquire Kount, a provider of Artificial Intelligence (AI)-driven fraud prevention and digital identity solutions, for $640 million. As global digital transformation accelerates, driving customer interactions to digital channels in record numbers, businesses require new ways to establish digital identity trust in real time to fight the growing problem of online fraud while reducing customer friction. This acquisition will expand the Equifax worldwide footprint in digital identity and fraud prevention solutions, helping businesses better engage with their customers while combating fraud with the Kount Identity Trust Global Network - the industry's leading risk-based authentication platform.
"As digital migration accelerates, managing authentication and online fraud while optimizing the consumer's experience has become one of our customers' top challenges. The acquisition of Kount will expand Equifax's differentiated data assets to bring global businesses the information and solutions they need to establish identity trust online," said Mark W. Begor, CEO of Equifax. "Equifax is taking advantage of our strong 2020 outperformance and cash generation to make this strategic acquisition. Our data and technology cloud investments allow us to quickly and aggressively integrate new data and analytics assets like Kount into our global capabilities and bring new market leading products and solutions to our customers."
The result of a strong patent portfolio , the Kount Identity Trust Global Network uses AI to link trust and fraud data signals from 32 billion digital interactions, 17 billion unique devices, and five billion annual transactions across 200 countries and territories. As more signals are collected and combined with Kount's AI-driven analytic insights, they become more predictive, helping to prevent digital fraud and protect against account takeovers in real time while enabling personalized customer experiences.
"Together, Equifax and Kount will leverage a powerful set of differentiated data assets and advanced analytics to deliver a high performance, integrated view of both digitally-native transactions and signals and traditional offline identity fraud risk indicators while maintaining privacy and security at the highest levels," said Sid Singh, President of United States Information Solutions (USIS) at Equifax. "Whether you're a bank, e-commerce provider, or a car dealer, today's environment demands that consumers have the same - if not better- experience on their digital platform as they do on a major e-commerce retailer's site. We are enabling businesses across industries to establish strong digital identity trust behind every interaction while facilitating new forms of online engagement with current and prospective customers."
Identity trust determines the level of trust for each identity behind every payment, account creation, and login event. Businesses can determine the level of trust and risk they are comfortable accepting in order to block fraud in real time and to enable personalized customer experiences. Quick and accurate identity trust decisions can deliver safe payments, account creations, and login events, while reducing digital fraud, chargebacks, false positives, and manual reviews.
"More than 9,000 brands worldwide rely on the Kount Identity Trust Global Network to protect against digital fraud while enabling personalized customer experiences and new e-commerce channels," said Bradley Wiskirchen, CEO of Kount. "We are excited to be able to offer Kount solutions with an expansive set of Equifax data, analytics and products. Equifax's global reach will accelerate Kount's international adoption, allowing us to help more businesses around the world to better protect their digital innovations and their customers against emerging threats while improving the customer experience."
The full suite of Kount products, including: Kount Command for ecommerce fraud prevention with the Ominiscore AI-driven transaction safety rating; Kount Control for account takeover prevention and digital account protection; Kount Data on Demand for advanced analytics and actionable customer insights; and Near Real-Time Chargeback protection are powered by the Identity Trust Global Network and will be integrated into the Equifax Luminate Platform. Luminate is a comprehensive fraud platform that orchestrates multiple solutions with machine learning to provide risk managers with insights to help manage fraud decisions across the consumer account lifecycle.
Kount employees will join the Equifax USIS business unit and will continue to be based in Boise, Idaho. The transaction is subject to customary closing conditions and regulatory review, and is expected to close in the first quarter of 2021.
ABOUT KOUNT Kount's Identity Trust Global Network delivers real-time fraud prevention and account protection and enables personalized customer experiences for more than 9,000 leading brands and payment providers. Linked by Kount's award-winning AI, the Identity Trust Global Network analyzes signals from 32 billion annual interactions to personalize user experiences across the spectrum of trust — from ensuring frictionless experiences to blocking fraud. Quick and accurate identity trust decisions deliver safe payment, account creation, and login events while reducing digital fraud, chargebacks, false positives, and manual reviews.
ABOUT EQUIFAX INC. At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employees, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com