Payments giant MasterCard announced plans to acquire global threat intelligence company Recorded Future for $2.65 billion.
With the cost of cybercrime predicted to reach US$9.2 trillion by 2024, Mastercard aims to strengthen its cybersecurity capabilities with the acquisition.
Recorded Future specializes in real-time threat detection, using AI and data analytics to deliver actionable insights to clients including governments and Fortune 100 companies.
The acquisition complements Mastercard’s identity verification, fraud prevention and cybersecurity services to better protect retailers and financial institutions.
The two companies are already working together on an AI-assisted service to improve detection of fraudulent payment cards, and the partnership will help accelerate the development of advanced cybersecurity measures.
The acquisition is expected to enhance Mastercard’s existing products and services and provide customers with enhanced intelligence and security capabilities.
Recorded Future’s AI-powered platform simplifies threat intelligence and improves risk management for its clients.
The transaction is subject to regulatory approval and is expected to close by early 2025.
“Trust is the foundation of every relationship, and Recorded Future further strengthens how we provide added peace of mind before, during and after a payment transaction.
Together, we will innovate faster, create smarter models and anticipate emerging threats in payments and beyond before cyber attacks occur.”
“We are excited to partner with PayPal to bring our customers the best possible payment solution,” said Craig Vosburg, chief services officer at Mastercard.
“Fifteen years ago, we founded Recorded Future with a simple goal: to save the world with intelligence.
“By joining Mastercard, we see the opportunity to help more businesses and governments determine the steps they can take to reach their full potential and help everyone feel safer in their daily lives.”
Recorded Future CEO Christopher Ahlberg said:
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