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Officials with the information and insights company TransUnion announced on Tuesday that the company has signed a definitive agreement to acquire the intelligent identity security company Sontiq for $638 million.
"As online commerce rapidly accelerates, TransUnion has calibrated its business to address consumer and customer challenges relating to identity," Chris Cartwright, president/CEO of TransUnion, said. "Augmenting our Consumer Interactive business with Sontiq's identity and cyber protection services will advance our work to enable consumers and businesses to transact with greater certainty."
In a statement, the pairing of the two organizations focused on the complementary strengths Sontiq brought to the table.
"Sontiq's focus on identity security complements TransUnion's digital identity assets and solutions, and the combined company will offer a comprehensive set of omnichannel solutions to make trust possible for consumers and businesses," the statement read.
"TransUnion is committed to empowering consumers to shape their financial futures. With Sontiq, we will ensure that consumers and businesses have a comprehensive set of tools to protect the financial profile they have built," TransUnion President of U.S. Markets and Consumer Interactive Steve Chaouki said. "We will make these identity protection tools accessible to consumers where they need them by leveraging our strategic partnerships across all of the markets we serve."
According to the announcement, the Nottingham, Md.-based Sontiq expects to see double-digit revenue growth in the future due to the incorporation into TransUnion.
"We are excited to enter into the next phase of Sontiq's growth with TransUnion," Sontiq President/CEO Brian J. Longe said. "Together, we share a commitment to innovation and helping consumers and businesses protect their financial profiles and everything they have built. Not only will our combined products and solutions benefit our customers and partners, but the customer-first focus demonstrated by both organizations is impressive and will create long-term success for all."
Once closing conditions and regulatory approvals are met, the transaction is expected to close in the fourth quarter of 2021.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
