INTEL INVESTMENT IN ONLINE FRAUD SERVICE

16 November 2007

Iovation gets a $15 million boost from top computer company


Intel Capital has announced a $10 million investment in online security and fraud protection service provider Iovation. The funding boost is part of a $15 million investment round led by Intel Capital, and will be used to accelerate the development and delivery of next-generation fraud and abuse management solutions and broaden the company's intellectual property portfolio.

"The importance of security and fraud protection on the Internet cannot be over valued," said Arvind Sodhani, president of Intel Capital. "This market segment must stay one step ahead of business needs and our investment should go a long way toward helping Iovation provide meaningful online security benefits."

The company provides the first device reputation service aimed at protecting business on the Internet. The real-time service prevents online fraud including charge-backs, identity theft, phishing, click fraud and other abuses of online services such as child predation, stealing or cheating, posting unwanted content, and chat abuse.

"We are thrilled to have Intel Capital as an investor and share their vision that device reputation will become the trust infrastructure for the Internet, transforming the way businesses and consumers interact online," said Greg Pierson, CEO and co-founder of Iovation. "Intel's tremendous brand lends credibility and their global network and expertise will create real growth opportunities."

Iovation's patented technology has been deployed for 6 years in likely environments for online fraud and abusive behavior. The company has customers in a number of verticals, including financial services, social networking, e-commerce, and online gaming. The company receives upwards of 450 million reputation inquiries a year and currently tracks the reputations of approximately 13 million devices.

"The investment in Iovation fits with Intel's global strategy and long-standing history with fraud and risk management advocacy," said Angela Biever, managing director, Consumer Internet, Intel Capital. "We believe that device based fraud management tools are the missing component of most companies' fraud management portfolio and that iovation is poised to be a leader in supplying this solution."

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