TransUnion Acquiring Iovation to Beef Up Fraud and Identity Management

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Iovation, the provider of authentication and fraud prevention solutions, is being acquired by credit reporting agency TransUnion.

Iovation has insight into nearly 5 billion devices from more than 35,000 brands across more than 50 countries. TransUnion said the acquisition will strengthen its “leadership position in fraud and identity management,” and will help its customers stay ahead of new and evolving fraud threats.

TransUnion’s Geoff Miller

Geoff Miller, TransUnion’s senior vice president of global fraud and identity solutions, tells Channel Partners the combined capabilities will result in “significant enhancements to Iovation’s current and future partners.” TransUnion already provides fraud and identity solutions globally across a variety of sectors including financial services, government, health care and insurance.

“We have developed an integration plan, and once the deal closes, we will reach out to customers and partners when we are ready to go to market,” he said. “Iovation has had a strong commitment to channel partners and their partner program was the next evolution of this strategy. We support Iovation’s channel strategy, and think the combination of TransUnion and Iovation will only strengthen the offering to their current and future partner network.”

The acquisition is anticipated to close late in the second quarter or early in the third quarter pending regulatory approval. TransUnion has a global presence in more than 30 countries.

TransUnion has a “complementary customer base” and its strength in financial services will provide new opportunities for Iovation’s partners, Miller said.

“Iovation is very strong in other verticals and we will look to leverage those relationships to cross sell TransUnion products and services,” he said.

TransUnion’s Greg Pierson

“Our mission has always been to make the digital world a safer place for both businesses and consumers, which perfectly supports TransUnion’s belief in using information for good,” said Greg Pierson, Iovation’s founder and CEO. “My team is committed to working together with TransUnion to set the standard for stopping fraud and abuse while improving customer experience.”

Iovation offers customers a range of real-time fraud prevention products, a risk-based dynamic authentication suite, and a global consortium of shared fraud insights that delivers risk decisions in milliseconds.

Last week, Iovation launched its global partner program, and the company said it is looking for partners that develop market differentiating product offerings.

Iovation’s customer base and channel partners – including Callcredit, which TransUnion is acquiring in the United Kingdom – also will expand TransUnion’s footprint globally, and in markets such as gaming and retail.

“Iovation has unique device identity and consumer authentication capabilities that help businesses and consumers seamlessly and safely transact in a digital world,” said Jim Peck, TransUnion’s president and CEO. “TransUnion has long been at the forefront of developing innovative fraud and identity solutions, and together with Iovation, we will create an unmatched network of offline and online identities that will help make transactions faster and more secure, while providing a frictionless experience for consumers.”