Thursday, March 27, 2008

SAP Ventures and European Founders Join Intel Capital to Complete $15 Million Investment in iovation

" iovation, the device reputation authority for the Internet, today announced it has successfully completed a $15 million investment round by securing growth capital from SAP Ventures, the corporate venture capital arm of SAP AG (NYSE: SAP: 48.80, -3.13, -6.02%), and European Founders, a leading investor for emerging growth companies looking to expand into Europe. The two companies join Intel Capital, Intel's global investment group, as iovation's initial group of investors.

"We are extremely excited about our new relationships with SAP Ventures, European Founders and Intel," said Greg Pierson, CEO of iovation. "These companies are well established, recognized leaders in the global market. They've built strong business relationships in Europe and Asia and have the market expertise that supports iovation's ambitious growth plan into these strategic markets. There is a tremendous amount of synergy between our entire team of investors and we look forward to the business opportunities these partnerships will create for iovation."

iovation pioneered the first device reputation service that provides real-time fraud and abuse protection for a number of verticals including online retail, financial services, Internet gaming and online social networking sites. Using patented technology, iovation exposes known fraudsters and abusers, and their relationships between suspicious devices, so they can no longer hide behind multiple identities to perpetrate online fraud and abuse. Customers sharing iovation's network of device reputation intelligence are better equipped to prevent online fraud and abuse while increasing operational efficiencies and business revenues through more precise risk management."

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