Equifax Acquires Kount for $640 Million to Boost Fraud Prevention and Digital Identity Capabilities
Equifax, a leading global data, analytics, and technology company, has announced that it will pay $640 million to acquire Kount, a provider of AI-driven fraud prevention and digital identity solutions. The acquisition is expected to enhance Equifax’s fraud prevention and digital identity capabilities and position the company for continued growth in the rapidly evolving digital economy.
Kount has established itself as a leading provider of digital fraud prevention solutions, helping businesses of all sizes to protect themselves and their customers from fraudsters. The company’s platform uses advanced artificial intelligence and machine learning techniques to identify and prevent fraudulent activity in real-time, enabling businesses to reduce fraud losses, increase operational efficiency, and improve the customer experience.
The acquisition of Kount will complement Equifax’s existing fraud prevention and identity verification solutions, which include credit monitoring, identity theft protection, and fraud detection services. By combining Kount’s advanced technology with Equifax’s vast data resources and analytics capabilities, the company will be able to offer a more comprehensive and integrated fraud prevention solution to its customers.
Equifax’s CEO, Mark W. Begor, expressed his excitement about the acquisition, stating that “Kount is an established leader in AI-driven fraud prevention and digital identity solutions, with a strong reputation for innovation and customer service. By combining Kount’s technology with Equifax’s data assets and analytics expertise, we will be able to deliver even more value to our customers and help them stay ahead of the evolving fraud landscape.”
The acquisition of Kount is part of Equifax’s broader strategy to expand its digital capabilities and become a leading provider of data-driven solutions for businesses. The company has been investing heavily in technology and analytics in recent years, including the development of its cloud-based data and analytics platform, Equifax Ignite, and its acquisition of data and analytics provider DataX.
Equifax’s commitment to innovation and growth has been reflected in its financial performance in recent years. The company reported revenues of $3.8 billion in 2020, up 17% from the previous year, and has consistently delivered strong earnings growth and shareholder returns.
The acquisition of Kount is expected to close in the first quarter of 2021, subject to regulatory approvals and other customary closing conditions. Following the acquisition, Kount will become part of Equifax’s US Information Solutions (USIS) business unit.
In conclusion, Equifax’s acquisition of Kount is a significant step forward for the company’s digital capabilities and fraud prevention solutions. By combining Kount’s AI-driven technology with Equifax’s vast data resources and analytics expertise, the company will be able to offer a more comprehensive and integrated solution to its customers. The acquisition is also expected to position Equifax for continued growth and success in the rapidly evolving digital economy, demonstrating the company’s commitment to innovation and customer service.