American Express Acquires Accertify for $150 Million
Nov. 5, 2010
American Express yesterday announced it has agreed to acquire Accertify Inc., an Itasca, Ill.-based CNP fraud prevention software provider, for about $150 million. The acquisition follows moves by both MasterCard ( CNP Report Aug, 26, 2010 ) and Visa ( CNP Report April 23, 2010 ) to purchase companies that bolstered their ability to deliver security in online transactions. “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.” Upon closing, which the companies expect to occur sometime in the fourth quarter 2010, Accertify would operate as a wholly owned subsidiary of American Express. Jeff Liesendahl, Accertify’s co-founder and CEO, will continue as president of the new unit.