(Image source: G2 homepage.)
Verisk Analytics (Jersey City, N.J.), a provider of data analytics to the insurance industry, has signed a definitive agreement to acquire G2 Web Services (Bellevue, Washington), a provider of merchant risk intelligence solutions for acquirers, commercial banks, and other payment system providers. The purchase price is $112 million, to be paid in cash to stockholders of G2, with the transaction expected to close during the third quarter of 2017.
G2 Web Services will become part of Argus, a Verisk Analytics business, which will allow Argus to enhance its offerings to clients and partners, providing unprecedented market-leading solutions in merchant and consumer fraud and reputational risk detection, Verisk Analytics reports.
G2 provides acquiring banks, payment companies, and commercial banks with solutions that address their need to identify, mitigate, and monitor payments risk in their merchant and business customer portfolios. G2 Web Services has accumulated over a decade of merchant-specific data, which is incorporated in the G2 Merchant Map, which a Verisk Analytics statement characterizes as the industry’s most extensive fraud and compliance database. “Combining data science, industry-leading technology, and deep domain expertise, the company leads the payments industry in the identification of third-party merchant risk for hundreds of the world’s largest financial institutions,” the statement asserts.
“Both G2 and Argus share the same focus on deploying sophisticated data-driven solutions and making business safer for our clients, including banks, payment platforms, networks, and acquirers,” comments Nana Banerjee, group president, Verisk Analytics. “G2 is changing the way the financial sector identifies and mitigates risk and fraud, and we firmly believe that our many other client companies across the globe will benefit from being part of the G2 platform.”
Mapping Bad-Actor Networks
“By joining with Argus, we will take our proprietary data assets, powerful technology, and deep domain expertise to the next level in helping clients fight fraud, transaction laundering, and reputational risk within the global payments and e-commerce ecosystem,” comments Allison Guidette, CEO, G2 Web Services. “Together we will expand our capabilities to map bad-actor networks, predict payments risk, and provide clients with the best opportunity to reduce losses and fines due to merchant and business fraud and compliance violations.”
“G2 is an excellent fit for the Verisk Analytics family of businesses and a great opportunity to add a unique data set that will allow us to do even more to help our customers combat fraud in the payments space,” adds Scott Stephenson, chairman, president, and CEO, Verisk Analytics.