Accel-KKR, a Menlo Park, CA-based technology-focused private equity firm, announced that it has reached an agreement with American Express (NYSE: AXP) to acquire Accertify, an Itasca, IL-based wholly owned subsidiary that provides fraud prevention, chargeback management, account protection, and payment gateway solutions.
The amount of the deal was not disclosed.
With Accel-KKR’s support, Accertify will continue to leverage its expertise in fraud prevention to accelerate growth and capitalize on digital advances in artificial intelligence and machine learning. The investment will enable the company to accelerate its growth and product innovation in the global fraud prevention market as an independent entity.
Led by Mark Michelon, President, Accertify is a provider of fraud prevention, chargeback management, account protection, and payment gateway solutions. Its technologies help protect many businesses and increase their operational efficiency. The customers of the business include online retailers, global airlines, sports betting platforms, and more.
The customers of the business include 40% of the Top 100 online retailers, major global airlines, prominent sports betting platforms, and more.
Barclays served as exclusive financial advisor and Cleary Gottlieb Steen & Hamilton LLP served as legal advisor to American Express.
FinSMEs
17/01/2024