Mastercard Invests in Continued Defense of Global Digital Economy With Acquisition of Recorded Future

Business Wire 12-Sep-2024 7:15 AM

Global threat intelligence capabilities complement Mastercard's existing suite of services delivering cyber resilience and trust

Mastercard today expanded its cybersecurity services with an agreement to acquire global threat intelligence company Recorded Future from Insight Partners for $2.65 billion. The acquisition bolsters the insights and intelligence used to secure today's digital economy – in the payments ecosystem and beyond.

Recorded Future is the world's largest threat intelligence company, with more than 1,900 clients across 75 countries, including the governments of 45 countries and over 50% of the Fortune 100.

The need for a holistic and global cyber defense has never been greater. As new technologies are introduced and adopted, there is a rising risk of cyber threats. In 2024 alone, cybercrime is projected to cost $9.2 trillion globally^[1].

Recorded Future provides real-time visibility into potential threats by analyzing a broad set of data sources to provide insights that enable its customers to take action to mitigate risks. This ability, coupled with Recorded Future's use of AI and other best-in-class technologies, will add to Mastercard's identity, fraud prevention, real-time decisioning and cybersecurity services, bringing expanded threat intelligence capabilities to its network of merchants and financial institutions.

"Trust is the foundation of any relationship. Recorded Future adds to how we deliver that greater peace of mind before, during and after the payment transaction. Together we will innovate faster, create smarter models and anticipate emerging threats before cyberattacks can take place – in payments and beyond," said Craig Vosburg, Chief Services Officer at Mastercard.

Both Mastercard and Recorded Future use AI to analyze billions of data points to identify potential threats, helping to protect people and businesses. Bringing these teams, technology and expertise together will enable the development of even more robust practices and drive greater synergies in cybersecurity and intelligence, reinforcing the Mastercard brand as a trust mark.

The companies' customers – including those in new verticals – will benefit from enhanced insights to fuel product innovation that supports greater intelligence and security. At the same time, Mastercard's global reach and customer base opens opportunities for Recorded Future to grow.

"Fifteen years ago, we created Recorded Future with a simple goal to secure the world with intelligence. By joining Mastercard, we see an opportunity to help more businesses and governments determine the steps to realize their full potential – and to enable everyone to feel safer in their daily lives," said Christopher Ahlberg, CEO of Recorded Future.

Recorded Future has been a pioneer in using AI-powered analytics to generate insights that are easily accessible to and understood by customers. The technology also increases Recorded Future customers' efficiency and effectiveness in using the platform to inform how they address the risks identified.

Today, Recorded Future and Mastercard collaborate on an AI-supported service that alerts financial institutions more quickly and with greater accuracy when a card is likely to have been compromised. Since its launch earlier this year, the service has doubled the rate in which compromised cards are identified, as compared to the same time period last year.

The transaction, which is anticipated to close by the first quarter of 2025, is subject to regulatory review and other customary closing conditions.

^[1] Statista: Global cybercrime estimated cost 2028 | Statista

About Mastercard

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

About Recorded Future

Recorded Future is the world's largest threat intelligence company. Recorded Future's Intelligence Cloud provides end-to-end intelligence across adversaries, infrastructure, and targets. Indexing the internet across the open web, dark web, and technical sources, Recorded Future provides real-time visibility into an expanding attack surface and threat landscape, empowering clients to act with speed and confidence to reduce risk and securely drive business forward. Headquartered in Boston with offices and employees around the world, Recorded Future works with over 1,900 businesses and government organizations across more than 75 countries to provide real-time, unbiased and actionable intelligence. Learn more at www.recordedfuture.com/.

Forward-Looking Statements

This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words "believe," "expect," "could," "may," "would," "will," "trend" and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to Mastercard's future prospects, developments and business strategies, as well as Mastercard's acquisition and operation of Recorded Future. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the company's ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.

Many factors and uncertainties relating to the transaction, our operations and our business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of these factors could cause our actual results or the impact of the acquisition to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf. Such factors related to the completion and impact of the acquisition include, but are not limited to, whether all necessary conditions will be met, and whether the transaction will close on agreed terms and in a timely manner.

For additional information on other factors related to Mastercard's overall business that could cause Mastercard's actual results to differ materially from expected results, please see the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent reports on Forms 10-Q and 8-K.

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