In an announcement on the 8th of January 2021, Equifax announced that it has inked a definitive agreement to acquire artificial intelligence-powered fraud prevention and digital identity technology provider Kount, in a deal worth $640 million.
The acquisition of the world's leading fraud prevention and risk-based digital identity authentication platform will empower businesses to protect themselves against online fraud and optimize their customer experience management (CXM) frameworks.
The agreement materialized in Atlanta where Equifax CEO Mark W. Begor stated that the acquisition of Kount will expand Equifax's differential data assets to bring global businesses the information and solutions they require to inspire trust online.
Begor also highlighted that one of the prime challenges being faced by them is optimizing customers' experience in the midst of the increasing instances of online fraud and digital migration which makes managing authentication a daunting task.
The deal will enhance the global place value of Equifax as a pioneer in digital identity and fraud prevention solutions.
Kount CEO Bradley Wiskirchen said that their brand is trusted by over 9,000 brands across the globe to better protect their innovations and customers against the digital threat to optimize the customers' experiences.
Wiskirchen said that Equifax's global reach will accelerate Kount's international adoption.
The deal is anticipated to close in Q1 of 2021 and is subject to "customary closing conditions and regulatory review," as disclosed in the announcement.
Equifax is a global data, analytics, and technology company headquartered in Atlanta, GA. The company specializes in risk modeling, credit reporting, identity protection, HR compliance, employment verification, artificial intelligence, machine learning, big data, cybersecurity, and data analytics.
The Identity Trust Global Network from Kount specializes in real-time fraud prevention, enabling personalized customer experiences for more than 10,000 leading brands and payment providers. The company is headquartered in Boise and specializes in CNP, fraud reduction, fraud detection, fraud control, and fraud management.