Jumio, a California based cybersecurity company, is buying one of its strategic partners, a German company called 4Stop, according to a news release.
The two companies' combined security solutions will provide customers with a complete fraud-prevention system, the news release said. The deal is set to take effect next year, and its terms were not disclosed.
"Today’s pace and sophistication of cybercrime means organizations cannot afford to rely on multiple vendors for their identity verification and fraud prevention needs,” Jumio CEO Robert Prigge said in a statement. "Not only will customers be able to rely on a single system for all of their identity and fraud prevention needs, they’ll also have an integrated and comprehensive view of their entire system, ensuring superior monitoring and risk management."
Founded in 2016, 4Stop is established in 650 data sources across 195 countries. With the combined technologies of the two companies, customers will be able to better manage their risks of fraud, improving their business performance, the news release said. The deal follows Jumio's launch of its intuitive no-code orchestration layer for its KYX Platform.
“It has always been 4Stop’s passion to establish a modern, end-to-end and versatile data and risk management platform to better serve business global compliance and fraud defenses," Ingo Ernst, 4Stop CEO, said in a statement. "Our online ecosystem and regulations are constantly evolving. Businesses need to quickly adapt and sync with leading technology and obtain future-proof sustainability.”
Businesses can confidently anticipate and manage their risk and fraud defense, regardless of region, market or industry worldwide, and make well-informed decisions backed by quantifiable data to manage regulatory obligations that will accelerate their business performance.
Based in Palo Alto, Jumio uses advanced technology, including artificial intelligence and biometrics, to help companies "fight fraud and financial crime, onboard good customers faster and meet regulatory compliance," the news release said.