Kount and iovation Settle Patent Dispute20-Dec-2010
Companies Explore Opportunities to Work Together
Boise, Idaho and Portland, Oregon, December 20, 2010
Kount Inc. and iovation Inc., leading providers of ecommerce anti-fraud services, announced today that they have resolved a patent infringement dispute initiated by Kount in 2009.
Kount originally claimed that iovation infringed on U.S. Patent number 7,330,871 "Online Machine Data Collection and Archiving Process." The case was dismissed after the companies agreed to settle the matter out-of-court.
“This resolution is absolutely in the best interest of shareholders for both companies,” said iovation CEO and Founder Greg Pierson. "Kount provides a very different service and we've always seen them as a potential partner not a competitor. Looking forward, there are some very interesting things we could do together."
"We are pleased to have this issue behind us," said Brad Wiskirchen, CEO of Kount. "We are excited about the possibilities of working with iovation in the future. We see important synergies between the two companies which we are now exploring."
iovation protects online businesses and consumers from fraud and abuse through an industry-leading combination of shared device reputation and real-time risk evaluation. iovation’s SaaS solutions enable customers to leverage the world’s largest syndicated database of Internet devices and relationships between them to determine the level of risk associated with any type of online transaction. Retail, financial services, social network, gaming and other companies make real-time queries to iovation’s knowledge base of nearly 500 million devices from every country in the world. Every day, iovation protects more than 5 million transactions and stops over 100,000 fraud attempts. For more information, visit www.iovation.com.
Kount provides the most advanced fraud fighting technology available today. Developed by Keynetics, Inc. with online and catalog merchant needs in mind, Kount defends against both traditional and emerging card-not-present fraud threats. The technology uses a formidable array of tools including two patented technologies - device fingerprinting, and proxy piercer™, geolocation techniques - along with Kount Dynamic Scoring™, risk evaluation, and real-time data streams from websites across the globe. For more information about Kount, please visit www.kount.com.