American Express sells fraud unit Accertify to Accel-KKR

  • Stock Market News
American Express sells fraud unit Accertify to Accel-KKR
Credit: © Reuters.

NEW YORK - American Express Company (NYSE: AXP ) has entered into an agreement to sell its fraud prevention subsidiary, Accertify, to the private equity firm Accel-KKR. The financial terms of the transaction have not been made public. This strategic move is part of American Express's broader initiative to streamline operations and concentrate on its core strategic priorities.

Accertify, which specializes in comprehensive fraud prevention solutions that incorporate artificial intelligence (AI) and machine learning (ML) technologies, is well-positioned to grow in a market that is expected to balloon to $182.7 billion by 2030. The sale is anticipated to bolster American Express's operational efficiency, while Accertify is set to expand under the new ownership of Accel-KKR.

Accel-KKR plans to enhance Accertify's growth trajectory by focusing on reducing fraud costs for its clients and continuing to deliver high standards of transaction security.

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