TransUnion (TRU - Free Report) announced yesterday that it has completed acquisition of iovation — an authentication and fraud prevention solutions provider based in Portland, OR.
iovation is a big name in the device intelligence space. The company has a large database of reputation insights and cryptographically secure multi-factor authentication methods. It has insights into about 5 billion devices from over 35,000 brands, across more than 50 countries.
iovation’s product suite includes ClearKey password authentication tool, LaunchKey multi-factor authentication, FraudForce real-time device reputation and verification insight and SureScore machine learning based transaction outcomes predictor.
TransUnion’s president and chief executive officer, Jim Peck stated that “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.”
Notably, in the past year, TransUnion stock has rallied at a faster pace than the industry it belongs to. While the industry rallied 27.3%, the stock gained a massive 68%. So, it appears that investors are rewarding the company’s moves to expand its technology capacity and increase market share.