Accel-KKR To Acquire Accertify, A Leading Provider Of Fraud Prevention, Chargeback Management, Account Protection And Payment Gateway Solutions From American Express; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Accel-KKR, a private equity firm, has agreed to acquire Accertify from American Express (NYSE:AXP). Accertify is a provider of fraud prevention and other financial security services, serving top online retailers and global airlines. The acquisition will allow Accertify to operate as an independent entity, focusing on growth and product innovation in the fraud prevention market. The global fraud detection and prevention market is projected to grow significantly, from $44.0 billion in 2023 to $182.7 billion by 2030. The terms of the acquisition were not disclosed. American Express was advised by Barclays and Cleary Gottlieb Steen & Hamilton LLP, while Accel-KKR was advised by Kirkland & Ellis LLP.
January 16, 2024 | 4:48 pm
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American Express is selling its subsidiary Accertify to Accel-KKR, allowing Accertify to grow independently in the fraud prevention market.
The sale of Accertify to Accel-KKR is likely to have a neutral short-term impact on American Express's stock price. While the divestiture allows American Express to streamline its operations, the financial terms were not disclosed, making it difficult to assess the immediate financial impact. However, the sale could be seen as a strategic move to focus on core operations, which might be viewed positively by investors in the long term.
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