Mastercard to acquire digital ID verification firm Ekata in $850 million deal
By MYBRANDBOOK
Mastercard had agreed to buy digital identity verification company Ekata in a deal valued at $850 million, as the company 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.
Rob Eleveld, Chief Executive Officer of Ekata, said, "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 in a statement.
Ekata counts more than 2,000 companies as its partners, including credit reporting company Equifax Inc and software firm Intuit Inc, its website showed. Ekata added 300 new customers last year, including food and grocery-delivery startup Postmates, which was acquired by Uber Technologies last year. Its products, which include Ekata Identity Graph and Ekata Identity Network, allow companies to combat online fraud.
Mastercard 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.
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