The culmination of Accertiy’s meteoric rise over the last 3 years from its launch phase in 2007 will be the firm’s acquisition by leading global payment network American Express. Accertify has worked quickly and effectively to bring an innovative fraud prevention solution to market and win loyal customers among merchants, who often tout Accertify’s solutions as enabling industry-leading fraud rates. Accertify also has a number of referral agreements with merchant acquirers and other merchant service providers. American Express already performs several fraud prevention functions on transactions processed through its network, but with this acquisition now has the opportunity to provide merchants with fraud tools to manage risk across every method of payment. The deal is valued at an estimated $150 million and is expected to close before year end.
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Merchants are interested in fraud tools that cover every aspect of the payment process; and we’re pleased that we will now be able to deliver an industry-leading solution to them,” said Bill Glenn, president, American Express Global Merchant Services. “While we already provide innovative fraud services for American Express transactions, merchants increasingly want single source platforms to address all types of transactions, regardless of the payment brand. We understand merchants’ payment needs on a broader scale, and we’re building on our commitment to expand e-commerce solutions and value-added services. Accertify will enable us to further increase trust and confidence in the online payment space.”
Jeff Liesendahl, co-founder and chief executive officer of Accertify, will continue as president.
“Since forming Accertify, our goal has been to build a fraud prevention platform that can help transform the industry and accelerate e-commerce growth,” said Liesendahl. “Becoming part of American Express will enable us to build on our success by scaling our business, providing even more merchant benefits, and extending our global presence. Together, we look forward to strengthening our platform with enhanced features and functionality that provide greater value and efficiency for merchants.”
Read full article: http://www.marketwatch.com/story/american-express-to-acquire-accertify-to-broaden-fraud-prevention-services-2010-11-04?reflink=MW_news_stmp
