Private equity group CVC Capital Partners is to provide an $80 million (€73.4 million) growth equity investment to Kount, a US-based provider of online and mobile fraud detection and prevention solutions.
Kount, which works in a number of industries including the gaming sector, will use the funds to help accelerate product innovation, expand its global footprint and strengthen customer support services.
The company counts brands such as New Balance, Spotify and Chase Paymentech amongst its customers.
“Online merchants face greater fraud challenges than ever before,” Kount chief executive Brad Wiskirchen said.
“CVC’s funding and strategic guidance will provide Kount with significant resources to continue investing in our industry-leading fraud prevention solutions and to deliver the tools our customers need to combat fraud every day.”
Jason Glass, managing director at CVC, added: “The payments fraud and security industry is one that we have been actively targeting for a while, and we identified Kount as the obvious industry leader.
“Kount’s long track record of success in a rapidly expanding market will become even more critical to merchants and payment processors as mobile and internet commerce grows.”
