TransUnion gave a step toward its consolidation as a fraud and identity management industry giant by completing its acquisition of iovation, after clear all the regulator’s conditions and now will use the knowledge and products of iovation to give their business clients a more comprehensive product portfolio to manage their security and authentication online.
To Jim Peck, TransUnion’s president and CEO, “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.”
“My team is committed to working together with TransUnion to set the standard for stopping fraud and abuse while improving customer experience,” said Greg Pierson, iovation founder and CEO in an official press release to acknowledge the acquisition. “My team is committed to working together with TransUnion to set the standard for stopping fraud and abuse while improving customer experience.”
First announced this past May, the acquisition will also see a granted performance share unit, or 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 awards are conditioned to stock performance and will be granted through 2020.
This acquisition consolidates the strategy of acquisitions from TransUnion to solidify their position as market frontrunners, a strategy that already saw TransUnion acquisition of Healthcare Payment Specialists and other seven companies in the last two years, including the $1 billion purchase of Callcredit Information, according to CrunchBase.