Trustev, an Ireland-based fraud protection software developer backed by telecommunications firm Telefónica, has been purchased by credit information services provider TransUnion in a deal worth up to $44m.
TransUnion will pay Trustev an initial $21m in cash, and up to $23m more dependent on Trustev reaching certain retention, revenue and earnings milestones through 2018.
Founded in 2012, Trustev provides fraud prevention technology that analyses consumer behaviour and devices while the user browses a store. It then uses human intelligence datapoints during the purchase and machine learning afterwards to improve future results.
TransUnion has integrated Trustev’s product into its ID Manager offering, a fraud and identity management service used by clients in a range of industries including financial services, healthcare, insurance and government.
According to a Trustev blog post, TransUnion invested in the company at some point in 2014, though no further details have been disclosed.
Telefónica invested in Trustev’s $3m seed round in October 2013 through its Wayra accelerator. Enterprise Ireland, which acts as the Irish state economic development agency, and venture capital firms Greycroft Partners, Mangrove Capital Partners and ACT Venture Capital also participated in that round.
Notion Capital invested $500,000 in in Trustev in December 2013, 10 months after undisclosed individuals injected $300,000 in an angel round.