Secondary investment positions Permira Growth Opportunities (PGO) as 3rd largest BioCatch shareholder; creates opportunities for accelerated geographical expansion, product innovation, and M&A
New York and Tel Aviv, 03 May 2023 – BioCatch, the pioneer of behavioral biometrics intelligence and a global leader in digital fraud detection, today announced that Permira Growth Opportunities has acquired a significant minority stake in the company from existing investors, making it the third largest shareholder in the company, following Bain Capital and Maverick Capital. With the support of its shareholders, BioCatch will focus on accelerating opportunities for geographical expansion, product innovation, and potential M&A.
BioCatch is the leader in behavioral biometric intelligence and advanced digital fraud detection, leveraging technology built upon patented artificial intelligence and machine learning technology to collect thousands of data signals, analyze a user’s cognitive intent, and deliver highly accurate insights as to the legitimacy of their identity and behavior. Today, BioCatch counts over 100 leading global banks as customers, including over 25 of the top 100 global banks, who use BioCatch solutions to fight fraud, accelerate digital transformation, create new revenue channels, and improve customer satisfaction.
“We are excited to welcome Permira as our partner and look forward to working together to further expand our leadership position in the digital fraud prevention sector. Permira is one of the leading global private equity firms in the world, with particularly strong experience in the technology space, and we believe its deep sector expertise and company-building capabilities will help us to expand our business and strengthen our global position,” said Gadi Mazor, CEO of BioCatch.
“Through our focus on the online fraud detection, customer identity and access management markets, we have long admired BioCatch and have been impressed by the company’s performance and offering. We believe BioCatch is well-positioned to continue to gain market share and expand its leading position within the large, growing area of online fraud detection,” said Stefan Dziarski, Partner and member of the PGO investment committee.
“We look to back product-first businesses operating in structurally growing end markets and that have management teams with the ambition to scale and grow their business. We found all of that in BioCatch and believe it is the clear leader in the most critical layer in online fraud detection – behavioral biometrics. We look forward to supporting BioCatch in its next phase of growth,” added Ran Maidan, Senior Adviser and Head of Permira in Israel.
BioCatch is the pioneer of behavioral biometric intelligence and a global leader in advanced fraud detection. BioCatch’s mission is to unlock the power of behavior and deliver actionable insights to create a digital world where identity, trust and ease seamlessly co-exist. Today, over 100 global banks leverage BioCatch solutions to fight fraud and transform their customers’ digital experience. BioCatch’s Client Innovation Board, an industry-led initiative including American Express, Barclays,
Citi Ventures, and National Australia Bank, helps enable BioCatch to identify creative and cutting-edge ways to leverage the unique attributes of behavior for fraud prevention. With over a decade of analyzing data, more than 80 registered patents, and unparalleled research into human behavior, BioCatch continues to innovate to solve tomorrow’s digital problems.
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds with total committed capital of approximately €77bn and makes long-term majority and minority investments across two core asset classes, private equity and credit.
The Permira funds have an extensive track record in technology investing, having invested in 50+ companies across SaaS, cybersecurity, digital commerce, fintech and online marketplaces. Permira invested in BioCatch via its Growth Opportunities Fund; its strategy is to back disruptive technology and tech-enabled companies as they scale to the next level. The Permira funds have previously supported and helped scale some of the largest and fastest-growing technology businesses globally, including Genesys, TeamViewer, Zendesk, McAfee, Mimecast, Carta, G2, Sysdig, SonarSource, Mirakl, and others. Permira closed its second Growth Opportunities Fund in December 2021 at $4 billion.
The Permira private equity funds have made approximately 300 private equity investments in four key sectors: Technology, Consumer, Healthcare and Services. Permira employs over 470 people in 15 offices across Europe, the United States and Asia. For more information, visit www.permira.com or follow us on LinkedIn or Twitter.
Madeline Cobb Mueller
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