Mergers and Acquistions News
Categories: IT Services & Consulting
November 4th 2010, 17:19PM
Financial services giant American Express (AmEx) has agreed to acquire Accertify Inc, a provider of software that helps online retailers combat fraudulent transactions, for approximately $105 million (£64.9 million).
Through the Accertify acquisition, AmEx will be able to offer its products to retailers across all networks. Currently, the firm does offer tools like Electronic Verification, Enhanced Authorization and Charge Verification, but only for vendors belonging to its own network.
Accertify's software provides layered security for transactions over some of the major payment networks: AmEx, Visa, MasterCard, PayPal and Discover.
"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," he added.
The deal is expected to close in the fourth quarter of 2010.
Last month, one of AmEx's rivals, Visa, announced it would open up its .Net Developer Centre, a tool that allows for the creation of electronic payment applications, to independent developers.
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