Mastercard announced an agreement to acquire RiskRecon, a leading provider of artificial intelligence and data analytics solutions to support companies in protecting their cyber systems and infrastructure.
In a rapidly evolving digital world, cybercrime is a pertinent threat to business. Large-scale data breaches and ransomware attacks place billions of records at risk each year, jeopardizing consumer trust.
“The innovations from the talented team at RiskRecon will further accelerate our suite of cyber solutions designed to help financial institutions, merchants and governments secure their digital assets,” explained Ajay Bhalla, president of cyber and intelligence for Mastercard. “Through a powerful combination of AI and data-driven advanced technology, RiskRecon offers an exciting opportunity to complement our existing strategy and technology to secure the cyber space.”
With RiskRecon’s pioneering scanning and evaluation technologies, organizations can proactively manage cyber risks, better safeguarding critical intellectual property and consumer and payment data. In addition to supporting Mastercard solutions, RiskRecon will continue to provide cyber security solutions across a broader set of industries, including healthcare and manufacturing.
“Mastercard has been one of those brands that has stood out as a true innovator, focusing on the real problems of real businesses,” said Kelly White, chief executive officer and co-founder, RiskRecon. “By becoming part of their team, we have an opportunity to scale our solution and help companies in new industries and geographies take steps to better manage their cybersecurity risk.”
Terms of the agreement were not disclosed. The transaction, which is anticipated to close in the first quarter of 2020, is subject to customary closing conditions.