Data analysis service provider TransUnion has agreed to acquire US-based online identity authentication software supplier Iovation for an undisclosed amount, allowing semiconductor technology producer Intel to exit.
Founded in 2004, Iovation has created a range of products that protect against online fraud, including a reputation and identity verification system that works in real time, multi-factor authentication software for apps, and a machine learning system that detects risky transactions.
Transunion already provides anti-fraud and identity verification tools to government clients as well as those in the financial services, healthcare and insurance industries, but the deal will enable it to extend its customer base to spaces such as gaming and retail.
Intel’s corporate venturing unit, Intel Capital, invested $10m in Iovation to lead a $15m round in 2008 that included existing backers Sapphire Ventures – then a subsidiary of enterprise software producer SAP – and the fund now known as Global Founders Capital.
Iovation has not disclosed additional funding, but a regulatory filing in 2009 indicates it raised $1m from two undisclosed investors.
Jim Peck, president and chief executive of TransUnion, said: “Iovation has unique device identity and consumer authentication capabilities that help businesses and consumers seamlessly and safely transact in a digital world.
“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.”