US cloud-based payment provider Bottomline Technologies Inc. (Nasdaq: EPAY) has acquired Israeli enterprise fraud detection and prevention company Intellinx for about $67 million.
Intellinx has 100 employees at its headquarters in Or Yehuda near Tel Aviv and at its office in New Jersey. The company has 30 customers in Israel and over 200 customers worldwide including leading international banks, insurance and credit companies, health organizations and major government agencies.
The global fraud detection and prevention market is estimated at $17 billion annually and is projected to grow to $35 billion by 2019, representing a compound annual growth rate of 20%, according to research conducted by Gartner Consulting.
Intellinx's solution has been adopted by financial organizations and other major agencies worldwide because of its unique ability to monitor in a non-invasive manner and reconstruct and analyze user behavior on multiple channels and warn about and immediately halt suspicious actions.
Intellinx founder and CEO Orna Mintz-Dov said, “We are delighted to combine with Bottomline. Our technology is proven with some of the largest organizations in the world. By joining Bottomline, we gain the market reach and distribution required to provide our unique capabilities to the broader market.”
Intellinx founder, CTO and US general manager Boaz Krelbaum said, “Bottomline’s culture of innovation is an ideal match for Intellinx’s focus on market-leading solutions. The combination will enable us to be at the forefront of advanced cyber security solutions.”
Intellinx was founded in 2005 and is the second exit for Mintz-Dov and Krelbaum. The pair together with Pini Cohen sold Sabra Tech to German company Software AG in 2004.
Bottomline Technologies president and CEO Rob Eberle said, “We are extremely excited to combine with Intellinx. Our customers have been asking us for solutions to help them combat cyber fraud and the Intellinx solution is unmatched in the market. Its ability to create a ‘digital surveillance camera’ delivers a critical and unique line of protection against cyber attacks and cyber fraud, with instant alerts, session replay, and full case management capabilities.”
In the sale, Intellinx and its founders were supported by founding partner Adv. Erez Mizrahi, and Advs. Ayelet Oscar and Nir Sade of the High-Tech Department of the Furth, Wilensky, Mizrachi, Knaani (FWMK) law firm.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015