Pat Phelan says the exit will “allow us to deeply integrate with TransUnion and put our collective, rich-data sets and advanced technology to work in spotting fraudulent transactions even better than we already do.”
The deal between the two companies, which have been partners since 2014, closed for $44 million. TechCrunch reports Trustev will see $21 million of the amount up front and $23 million more contingent on meeting certain targets.
TransUnion, one of the big-three U.S. credit bureaus, has recently been expanding into fraud and identity-management solutions. In a press release, TransUnion’s president and CEO Jim Peck said:
As fraud grows in volume and sophistication, TransUnion continues to invest in building our global capabilities to help companies manage their risk. 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.
Trustev, a Cork, Ireland-based company with 15 employees spread across the globe, says its service will not change for current customers. All employees have committed to stay.
Trustev debuted its Retail Decision solution at FinovateEurope 2014 in London. The company’s Retail Decision offers brick-and-mortar retail locations real-time verification of customer identities at the point of sale. TransUnion Interactive, a consumer subsidiary of TransUnion, debuted ZenDough at FinovateSpring 2010.