TransUnion Completes Acquisition of iovation
July 02 2018 - 6:50AM
TransUnion (NYSE:TRU) announced today that it has completed the
acquisition of iovation, one of the most advanced providers of
device-based information in the world, strengthening its leadership
position in fraud and identity management.
iovation pioneered the device intelligence
industry and provides a highly advanced digital device reputation
consortium, with insight into nearly 5 billion unique devices from
more than 35,000 leading brands across more than 50 countries. With
technologies that can dynamically identify new fraud patterns as
they emerge, TransUnion and iovation’s combined solutions will
empower customers to quickly incorporate and adapt strategies to
the fast-changing and evolving fraud landscape.
“The completion of this acquisition allows us to
begin efforts to seamlessly integrate iovation’s device identity
and consumer authentication capabilities into IDVision℠,
TransUnion’s suite of innovative fraud and identity solutions,”
said Jim Peck, TransUnion’s president and chief executive officer.
“The combination of our solutions will create an unmatched network
of offline and online identities that will benefit both our
business customers, and ultimately, consumers who are transacting
with them.”
iovation’s extensive customer base and channel
partners, including Callcredit, TransUnion’s recently completed
acquisition in the U.K., will also expand the company’s footprint
globally and in markets like gaming and retail.
TransUnion previously announced that it had
agreed to acquire iovation on May 18, 2018, and received regulatory
approval from the Federal Trade Commission on June 15, 2018.
Financial terms were not disclosed.
In connection with the acquisition, TransUnion
granted performance share unit (“PSU”) awards representing the
right to receive, in the aggregate, up to 2,791,737 shares of
TransUnion common stock to 59 employees of iovation Inc. The
PSUs will vest based generally on revenue performance goals during
2020 and the award recipient’s continued employment with TransUnion
or its subsidiaries through December 31, 2020. The PSU awards
were approved by the Compensation Committee of the Board of
Directors of TransUnion and were granted as employment inducement
awards pursuant to NYSE rules.
About TransUnionTransUnion is a
leading global risk and information solutions provider to
businesses and consumers. The company provides consumer reports,
risk scores, analytical services and decisioning capabilities to
businesses. Businesses embed its solutions into their process
workflows to acquire new customers, assess consumer ability to pay
for services, identify cross-selling opportunities, measure and
manage debt portfolio risk, collect debt, verify consumer
identities and investigate potential fraud. Consumers use its
solutions to view their credit profiles and access analytical tools
that help them understand and manage their personal information and
take precautions against identity theft.
www.transunion.com
Contact |
Dave Blumberg |
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TransUnion |
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E-mail |
david.blumberg@transunion.com |
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Telephone |
312-972-6646 |
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