Monday 18 December 2017

Trustev sold for $44m to TransUnion, company founded by butcher turned techie Pat Phelan

Cork firm focuses on online fraud protection

Trustev's Pat Phelan
Trustev's Pat Phelan
Gavin McLoughlin

Gavin McLoughlin

Cork-based online fraud fighter Trustev has been bought by New York-listed credit reporter TransUnion for up to $44m.

The company, set up by former butcher and entrepreneur Pat Phelan, makes software that monitors e-commerce transactions to try and stop fraud.

“As fraud grows in volume and sophistication, TransUnion continues to invest in building our global capabilities to help companies manage their risk,” said Jim Peck, TransUnion’s president and chief executive officer.

TransUnion is paying $21m up front, with a further $23m contingent on certain targets.

Mr Phelan, who founded and eventually sold out of internet-of-things company Cubic Telecom, said the deal would create “a very powerful combination of software intelligence and rich data to stop online fraud”.

Phelan left school early, and trained as a butcher and a chef in his home city of Cork. By his mid-30s, an alcohol dependence rendered Phelan virtually “unemployable” and threatened his marriage, he told in an earlier interview.

Later he sobered up and became an entrpereneur, sinking the proceeds from Cubic into Trustev.

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