Equifax Acquires TrustedID For Around $30 Million
According to AllThingsD, information solutions company Equifax Inc. has acquired TrustedID, a Silicon Valley based identity protection company. The terms of the deal was undisclosed, but sources with AllThingsD have reported that the price was over $30 million in cash.
TrustedID hit around $20 million in funding since being founded in 2004 from investors like Draper Fisher Jurvetson and Opus Capital. TrustedID hit profitability at one point, but expanded their offerings recently causing an increase in expenses. TrustedID will be rolled into Equifax Personal Solutions. TrustedID’s 30 employees will continue to work out of their headquarters in Palo Alto, California.
“We have spent years building a larger audience and we wanted to expand the reach of our products,” stated TrustedID CEO Scott Mitic. “There is going to be an exponential growth of data protection control and it is an evergreen marketplace.”
TrustedID is known for selling services that are focused on identity theft and ability to monitor your reputation online. They are used by about one million consumers. One of TrustedID’s most lucrative partners is AARP where they offer credit and identity theft protection to over 37 million members.