TransUnion, a Chicago-based credit reporting agency, said this week that it will buy Sontiq, an identity security solutions supplier, for $638 million.
TransUnion will be able to improve its identity protection capabilities by partnering with Sontiq, which provides identity monitoring, restoration, and response solutions.
Sontiq sells its products under the names IdentityForce, Cyberscout, and EZShield. TransUnion, which says Sontiq’s solutions are “very complimentary” to its own capabilities, has already used credit data in the company’s identity monitoring products.
Sontiq, situated in Nottingham, Maryland, is predicted to earn $85 million in revenue this year, with the merged business providing a “very profitable” product offering. The deal should be completed in the fourth quarter of 2021.
Sontiq revealed earlier this year that it had acquired data breach intelligence firm Breach Clarity as well as Cyberscout, a provider of cyber goods and services specialised to the insurance market.
“TransUnion has tuned its business to solve consumer and customer problems relating to identity as online commerce quickly develops,” stated Chris Cartwright, president and CEO of TransUnion. “By combining Sontiq’s identity and cyber security services with our Consumer Interactive business, we will be able to pursue our mission of enabling consumers and companies to transact with greater confidence.”