Company Overview
For online businesses, consider the value of knowing that a new account is being set up through a computer associated with fraud and abuse at other Web sites within your industry and beyond.
- Providing Unique Business Intelligence: iovation provides the first and only device reputation service, protecting B2C and C2C interactions on the Internet. This real-time service prevents online fraud including identity theft, charge-backs, phishing, click fraud, and other abuses of online services such as predatory behavior, stealing or cheating, posting unwanted content and chat abuse. All this is achieved without changing the user experience and no personally identifiable information (PII) is required to accomplish our mission.
- Bottom Line: iovation's core technology has been in service for several years and we have grown our revenue by 4x since 2006. We anticipate handling up to 1 billion real-time reputation inquiries in 2008 from customers representing a number of verticals including online retail, financial services, online social networks, and online gaming. iovation is the second adventure for its experienced management team that provided investors in their first company with a 25x to 100x return in four years.
- Device Reputation is Unique: iovation's patented technology builds historical information about every computer used to connect to an online service, including device to account relationships and types of problems associated with unique devices. iovation ReputationManager™ is an iovation service that identifies suspicious devices and accounts, stops abusive and fraudulent behavior from reoccurring, and risk-shares with other sites using the service. Sites protected by ReputationManager benefit from all methods of fraud detection at every other online service using the system. Computers used to connect to online services develop negative reputation when they are associated with specific problems. Over time, computers establish a positive reputation when they remain unassociated with problems or suspicious patterns of behavior. Beyond reducing fraud and abuse, the ultimate value of iovation's service is establishing trust, which leads to improved customer experience and increased revenue.
- Markets: Target markets for current products include online retailers, financial institutions, Internet gaming, online social networks, and online payment processors. Our strong customer growth has led to a database containing tens of millions of device reputations and the identification of tens of thousands of fraudulent transactions per day.
- Vision - Reputation is Everything™: iovation's reputation platform will be at the center of creating real trust in a virtual world, transforming the way individuals and online services conduct business and interact on the Internet. Identity alone is insufficient. Knowing with certainty the identity of an end-user does not mean they can be trusted. Reputation is required to make an informed decision. Reputation will be the single biggest driver for online consumers to use identity management services. Reputation plus identity equals trust.
- Building the Vision: In early 2008, iovation completed a $15 million investment round to accelerate business growth. The company's initial investors include Intel Capital, SAP Ventures and European Founders. Funds will be used to build the current organization, establish offices in Europe and Asia, build out technical infrastructure, and establish additional beachheads in key verticals.
