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Mastercard bets on security and digital identity with $850M Ekata deal

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(Reuters) — Mastercard mentioned on Monday it had agreed to shop for virtual id verification corporate Ekata in a deal valued at $850 million, as the worldwide bills processor bets on a increase in call for for firms within the virtual safety area.

Ekata’s merchandise permit companies to split fraudsters from legit consumers all the way through virtual interactions like opening a web-based account or making virtual bills. It operates in 3 industries: e-commerce, bills and monetary products and services, in keeping with its web site.

“The acceleration of on-line transactions has thrust international virtual id verification to the vanguard as one of the crucial largest alternatives to construct virtual accept as true with and fight international fraud,” mentioned Rob Eleveld, leader govt officer of Ekata, in a commentary.

Seattle-headquartered Ekata counts greater than 2,000 firms as its companions, together with credit score reporting corporate Equifax and tool company Intuit, its web site confirmed.

Its merchandise, which come with Ekata Identification Graph and Ekata Identification Community, permit firms to fight on-line fraud, it mentioned.

In February, Ekata mentioned its income had surged in 2020, because the COVID-19 pandemic sped up the adoption of e-commerce, boosting call for for products and services to safeguard in opposition to cyber fraud.

Ekata added 300 new consumers remaining yr, together with meals and grocery-delivery startup Postmates, which was once received by means of Uber Applied sciences remaining yr.

The bills processor mentioned the deal is anticipated to near within the subsequent six months, including that it does now not be expecting the deal to be a drag on its trade for greater than two years.

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