Mastercard to buy digital ID verification firm Ekata in $850 million deal

0
38
Mastercard to buy digital ID verification firm Ekata in $850 million deal


Investing.com - Financial Markets Worldwide

Please try another search

Economy3 hours ago (Apr 19, 2021 11:00AM ET)

Mastercard to buy digital ID verification firm Ekata in $85src million deal
© Reuters. FILE PHOTO: FILE PHOTO: Mastercard Inc. credit cards are displayed in this picture illustration

(Reuters) -Mastercard Inc said on Monday it had agreed to buy digital identity verification company Ekata in a deal valued at $850 million, as the global payments processor bets on a boom in demand for companies in the digital security space.

Ekata’s products allow businesses to separate fraudsters from legitimate customers during digital interactions like opening an online account or making digital payments. It operates in three industries: e-commerce, payments and financial services, according to its website.

“The acceleration of online transactions has thrust global digital identity verification to the forefront as one of the biggest opportunities to build digital trust and combat global fraud,” said Rob Eleveld, chief executive officer of Ekata, in a statement.

Seattle-headquartered Ekata counts more than 2,000 companies as its partners, including credit reporting company Equifax Inc (NYSE:) and software firm Intuit Inc (NASDAQ:), its website showed.

Its products, which include Ekata Identity Graph and Ekata Identity Network, allow companies to combat online fraud, it said.

In February, Ekata said its revenue had surged in 2020, as the covid-19 pandemic accelerated the adoption of e-commerce, boosting demand for services to safeguard against cyber fraud.

Ekata added 300 new customers last year, including food and grocery-delivery startup Postmates, which was acquired by Uber Technologies (NYSE:) last year. (https://bwnews.pr/32qaUG7)

The payments processor said the deal is expected to close in the next six months, adding that it does not expect the deal to be a drag on its business for more than two years.

Related Articles

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here