TransUnion Completes Acquisition of iovation
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 IDVisionSM, 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 performace 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.
TransUnion 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