Permira to Buy Majority of BioCatch at $1.3bn

 


BioCatch, a top player in digital fraud detection and financial crime prevention through behavioral biometric intelligence, has announced today that Permira Growth Opportunities II, a fund advised by Permira, a global private equity firm, will be acquiring a majority stake in the company. In addition to the Fund's investment, existing shareholders Sapphire Ventures and Macquarie Capital will also be increasing their investments in BioCatch. This move is expected to speed up the company's global expansion, enhance its innovative product roadmap, and support its ongoing growth.


In line with the agreement, the Fund will be taking over a majority share in BioCatch, purchasing shares mainly from Bain Capital Tech Opportunities and Maverick Ventures, in a secondary transaction that values the company at a total enterprise valuation of $1.3bn.


Established in 2011, BioCatch emerged during a significant shift from branch to online banking, aiming to combat fraud and ensure user safety in online transactions without disrupting the user experience. Today, the company is a frontrunner in behavioral biometric intelligence and advanced fraud detection, utilizing patented artificial intelligence, data science, and machine learning technology to assess a user's cognitive intent and provide highly accurate insights into the legitimacy of their identity, motivations, and behavior. In 2023, the company expanded its mission to include a proactive approach to combating financial crime with the introduction of predictive, behavior-based mule account detection.


More Information : https://www.techdogs.com/tech-news/pr-newswire/permira-to-acquire-majority-position-in-biocatch-at-13bn-valuation

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