US-based payment technology company Visa has announced that it has signed a definitive agreement to acquire Israel-based fraud intelligence provider BioCatch for $2.4 billion in cash.
According to Visa's statement, BioCatch will be acquired from funds managed by Permira and other shareholders. The company expects the acquisition to strengthen its existing cybersecurity, fraud prevention, risk management, and security solutions.
The statement noted that the agreement aims to enhance protection for Visa clients and their customers against growing threats such as account takeover attacks, fraud attempts, money mules, and synthetic identity fraud.
With the addition of BioCatch, Visa is expected to expand its AI-powered solutions for the detection and prevention of fraud, cybercrime, and financial crime, from account opening to transaction processing.
Visa also reported that it has invested over $13 billion in technology and infrastructure over the past five years to improve the security of the payment ecosystem and reduce fraud rates. The acquisition is expected to be completed by the end of the second quarter of the 2027 fiscal year.
News Source: 12punto
