Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

Permira to Acquire Majority Position in BioCatch at $1.3bn Valuation

Published

on

Permira Growth Opportunities Transaction builds on initial minority investment made in early 2023 to acquire a majority position and support BioCatch’s accelerated growth within online fraud detection and financial crime prevention

NEW YORK and TEL AVIV, Israel, May 2, 2024 /PRNewswire/ — BioCatch (the “Company”), the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence, today announced that Permira Growth Opportunities II (the “Fund”), a fund advised by global private equity firm Permira, has agreed to acquire a majority position in the Company. Alongside the Fund’s investment, existing shareholders Sapphire Ventures and Macquarie Capital will also increase their investments in BioCatch. The transaction is expected to accelerate the Company’s global expansion, advance its innovative product roadmap and support its continued overall growth.

Under the terms of the agreement, the Fund will acquire a majority stake in BioCatch, buying out shares primarily from Bain Capital Tech Opportunities and Maverick Ventures, in a secondary transaction valuing the Company at a total enterprise valuation of $1.3bn.

BioCatch was founded in 2011 – at the dawn of a significant consumer shift from branch to online banking – with a mission to fight fraud and keep users safe in online transactions without disrupting user experience. Today, the Company is a leader in behavioral biometric intelligence and advanced fraud detection, leveraging patented artificial intelligence, data science, and machine learning technology to analyze a user’s cognitive intent and deliver highly accurate insights as to the legitimacy of their identity, motivations, and behavior. In 2023, the Company expanded its mission to include a proactive approach to fighting financial crime with the launch of predictive, behavior-based mule account detection.

As fraud attacks have become increasingly scaled, sophisticated and complex, BioCatch has experienced significant and sustained momentum. Permira, via its growth equity strategy, completed an initial minority investment in the Company in early 2023, a year that BioCatch ultimately finished with 49% ARR growth, whilst also surpassing the $100 million ARR milestone and attaining EBITDA profitability. Today, BioCatch counts more than 190 financial institutions as customers globally, including over 30 of the world’s largest 100 global banks, who use its solutions to fight fraud, facilitate financial crime prevention and decision intelligence sharing, accelerate digital transformation, and grow the value of customer relationships.

Permira brings a growth mindset to BioCatch’s next chapter, with the ability and network to help the Company expand across Continental Europe, where Permira was first established nearly four decades ago. In addition, Permira is excited to back the Company’s exceptional management team and innovative product roadmap, and is committed to further strengthening BioCatch’s global leadership position both organically and inorganically.

“Permira has backed the theme of cybersecurity for several years, and within this, online fraud detection, customer identity and access management markets have become a clear focus. We have tracked BioCatch with enthusiasm for many years, and now having been a shareholder since early 2023, our conviction in the business, its growth potential, its technology leadership, and its management team continues to grow. We’re excited to become the company’s majority shareholder and look forward to a continued successful partnership with Gadi and the BioCatch team as we seek to further accelerate growth and expansion in the years to come,” said Stefan Dziarski, Partner and Co-Head of Permira Growth Opportunities.

Gadi Mazor, CEO of BioCatch, added: “After building a strong partnership with Permira over the last year, we are delighted to welcome them as majority shareholders. The firm’s impressive experience within technology and cybersecurity, combined with their scale, global network, and our close working relationship, has been invaluable since their initial investment. We’re excited to take BioCatch to the next level together. I’d also like to thank Matthew Kinsella from Maverick Ventures and Dewey Awad from Bain Capital for their support over the last four years, which has been key in helping us establish our leadership position in the market.”

“We have had the privilege of partnering with BioCatch over the past four years and worked closely with Gadi and the BioCatch team to develop a long-term strategy to realize the business’s growth potential,” said Dewey Awad, a Partner at Bain Capital. “Together, we drove several key initiatives aimed at augmenting BioCatch’s go-to-market strategy, team, and operations, all with the goal of protecting end-users and their most sensitive transactions. We believe the company is well-positioned to continue its growth journey under Gadi’s leadership and with Permira’s support.”

“At Permira, we are looking to back product-led 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 were grateful to have the opportunity to make an initial investment in 2023. After a successful first year, we are delighted to take a majority stake in the business as it continues to grow at scale. With the full extent of Permira’s resources and experience at its disposal, we’re excited for what’s to come at BioCatch,” commented Ran Maidan, Senior Adviser and Head of Permira in Israel.

About Permira

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 €80bn 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 500 people in 15 offices across Europe, the United States and Asia. For more information, visit www.permira.com or follow us on LinkedIn.

About BioCatch

BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 30 of the world’s largest 100 banks and more than 190 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships.

BioCatch’s Client Innovation Board, an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank, collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 90 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, visit www.biocatch.com.

Media Contacts

For BioCatch

Mac King
Sr. Manager, Corporate Communications, BioCatch
[email protected]
+1-206-200-8596

For Permira

James Williams
[email protected]
+44 774 7006407

Logo – https://mma.prnewswire.com/media/1843699/biocatch_logo_rgb_2x_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/permira-to-acquire-majority-position-in-biocatch-at-1-3bn-valuation-302133942.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Dubai World Trade Centre Drives Impact as Economic Output Surges to US$4.98 Billion in 2023, up 40% YoY

Published

on

DUBAI, UAE, May 20, 2024 /PRNewswire/ — Dubai World Trade Centre (DWTC), a global leader in the events and exhibitions industry, has once again demonstrated its significant impact on Dubai’s economy in 2023, welcoming 2.47 million participants and hosting 301 events, 76 of which, were large-scale events that attracted 1.54 million attendees, with 46% from overseas.

DWTC’s 2023 Economic Impact Assessment (EIA) Report, based on its 76 large-scale events (2000 or more attendees) revealed an impressive surge in the total economic output, reaching US$4.98 billion, marking an incredible 40% YoY increase, with high returns for adjacent industries such as Travel, Accommodation and Retail, connected to the Meetings Incentives Conferences and Exhibitions (MICE) ecosystem.

DWTC’s large-scale events generated a substantial US$2.87 billion Gross Value Added (GVA) to Dubai’s GDP, retaining an impressive 58% of the total economic output locally. International participation soared by 53%, with overseas visitors driving 6.2 times more contribution than domestic counterparts.

Events hosted at DWTC supported 69,281 jobs, generating US$915 million in disposable household income for the city’s residents. The substantial economic impact of these events extends beyond direct revenue generation, fostering socio-economic development and contributing to Dubai’s status as a leading global business hub.

His Excellency Helal Saeed Almarri, Director General of DWTC Authority, said: “Aligned with Dubai’s Economic Agenda D33, we continue to spearhead efforts in sector diversification, reinforcing the city’s stature as a leading global business hub. The remarkable accomplishments of 2023, presented in the ‘DWTC Economic Impact Assessment Report’ demonstrate that Dubai’s MICE sector, driven by DWTC, remains a vital pillar of financial resilience and growth underscoring our accelerated strides towards sustainable socio-economic development. The increase in international participation, along with the significant economic impact generated across diverse sectors such as travel, accommodation and retail, highlights the city’s steadfast commitment to propelling business tourism.”

The venue’s formidable events portfolio strategically aligned with Dubai’s economic priorities, showcasing Healthcare, Medical, and Scientific; Information Technology (IT); and Food, Hotel, and Catering as the top contributors. These leading sectors collectively accounted for 59% (US$1.71 billion) of the GVA to Dubai’s economy, and 49% (747,468) of the total large-scale event visitation.

Adjacent sectors, including hotels, air travel, and local transportation experienced a significant boost in economic activity. The direct revenue generated through expenditure was nearly US$2.94 billion.

Photo – https://mma.prnewswire.com/media/2416961/Dubai_World_Trade_Centre_2023_Infographic.jpg

 

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/dubai-world-trade-centre-drives-impact-as-economic-output-surges-to-us4-98-billion-in-2023–up-40-yoy-302150038.html

Continue Reading

Latest News

Phishing, BEC, and Beyond: Tackling the Top Cyber Threats to UK Banks

Published

on

KnowBe4’s new report finds that UK financial institutions face onslaught of cyberattacks at unprecedented rate

LEEDS, England, May 20, 2024 /PRNewswire/ — KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, today released its report on cyber threats faced by the financial sector in the UK. The report examines the escalating rise of cyberattacks on this sector, the tactics deployed by cybercriminals and what financial institutions should do to safeguard themselves and their employees.

The report shows that, in general, the financial sector in the UK is under constant attack and that it is grappling to keep pace with ever-evolving cyber threats. A clear urgency is emerging for financial institutions to adapt their security strategies for dealing with more sophisticated cyberattacks as banking is shifting towards being fully digital.

Some key findings in the report reveal a startling landscape of cyber threats:

  • The frequency of ransomware attacks on the financial sector in the UK doubled in 2023, showcasing an alarming escalation.
  • Phishing and Business Email Compromise (BEC) remain the top threats to organisations, which includes financial institutions.
  • AI-driven deepfake audio impersonations are notably on the rise.
  • For the first time, cyberattacks, and their potential to disrupt essential services, were perceived as an acute risk, more so than geopolitical tensions, inflation, or economic recessions.
  • There was a dramatic 81% surge in cyberattacks against UK financial institutions in the year following Russia’s invasion of Ukraine, outpacing the global increase of 61% during the same timeframe.
  • Multiple UK banks are lacking basic online and app protections, including use of outdated and vulnerable web applications, failure to enforce secure passwords, and the absence of alerts for critical account changes.

The report further delves into the prevailing cyber threats in the sector as well as real-life examples. It also provides some practical advice on how financial institutions can protect themselves against cyber threats and cyberattacks.

Addressing the urgency of the situation, Javvad Malik, lead security advocate at KnowBe4 stated, “These findings underscore a stark reality for the UK’s financial sector – they are being attacked at an unprecedented rate. Cyber defences need to adapt with the same speed and intelligence as the threats themselves. In addition to traditional security strategies, fostering a culture of security awareness to mitigate the inherent human risk of any organisation is no longer optional; it is a cornerstone for survival against cybercrime.”

To download a copy of KnowBe4’s report on UK financial institutions, click here.

About KnowBe4
KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, is used by more than 65,000 organizations around the globe. Founded by IT and data security specialist Stu Sjouwerman, KnowBe4 helps organizations address the human element of security by raising awareness about ransomware, CEO fraud and other social engineering tactics through a new-school approach to awareness training on security. The late Kevin Mitnick, who was an internationally recognized cybersecurity specialist and KnowBe4’s Chief Hacking Officer, helped design the KnowBe4 training based on his well-documented social engineering tactics. Organizations rely on KnowBe4 to mobilize their end users as their last line of defense and trust the KnowBe4 platform to strengthen their security culture and reduce human risk.

Media Contact
Amanda Tarantino
Public Relations Officer
KnowBe4
[email protected]  

Logo – https://mma.prnewswire.com/media/588691/KB4_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/phishing-bec-and-beyond-tackling-the-top-cyber-threats-to-uk-banks-302149399.html

Continue Reading

Latest News

Driven Properties Selects Yardi to Centralise Residential & Commercial Operations & Elevate Customer Experience

Published

on

Dubai-based property management company to streamline management processes with a single cloud-based solution

Dubai, UAE, May 20, 2024 /PRNewswire/ — Yardi® is proud to announce that Driven Properties, a leading property brokerage, investment, and consultancy company, has chosen Yardi to enhance its property management operations and resident experience. Driven Properties, known for its extensive residential and commercial portfolios, offers customizable property solutions and wealth management services to clients across the UAE and abroad.

The implementation of the Yardi Residential Suite will allow Driven Properties to optimize their management operations comprehensively – from property marketing and resident screening to rent collection and maintenance. Yardi’s resident portal and app will enable residents to self-serve, enhancing convenience and accessibility by facilitating payments, lease renewals, personal detail management, and real-time maintenance updates.

“At Driven, we’re thrilled to adopt Yardi’s innovative technology to propel our operational capabilities to new heights and ensure unparalleled services for all stakeholders,” shared Grace Kenny, Director of Property Management at Driven. “With Yardi as our central property management platform, we will be able to streamline operations and improve communication across the business.”

“With Yardi’s cloud-based solutions, Driven can eliminate disparate systems, streamline its software requirements into a single solution, improve insights into portfolio performance, and enhance resident and investor relations,” said Said Haider, Senior Director of the Middle East at Yardi. “We are excited to announce Driven Properties as our latest client in the UAE and look forward to helping them further grow across the region.”

Experience how Yardi can seamlessly improve your residential operations with an end-to-end solution.

About Yardi

Celebrating its 40-year anniversary in 2024, Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. With over 9,000 employees, Yardi is working with clients globally to drive significant innovation in the real estate industry. For more information on how Yardi is Energised for Tomorrow, visit yardi.ae

About Driven Properties

Driven Properties is an award-winning real estate brokerage and property management company headquartered in Dubai. Since its inception in 2012, the company has been raising standards for the industry, and has grown into one of the leading full-service real estate consultancies in the region.

In a city that is synonymous with real estate, our deeply knowledgeable consultants are offering their expertise and unparalleled service to most demanding clients from all over the world. Driven Properties is a member of Forbes Global Properties, a consortium of 100 best brokerages in the world.

For more information, visit drivenproperties.com.

Photo – https://mma.prnewswire.com/media/2416068/Yardi_Driven_Properties.jpg
Logo – https://mma.prnewswire.com/media/737275/Yardi_Logo.jpg

 

Cision View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/driven-properties-selects-yardi-to-centralise-residential–commercial-operations–elevate-customer-experience-302149179.html

Continue Reading

Trending