Datacash tracks down the 3rd Man
If I offered you
twenty thousand pounds £3.25m...
Payment service provider Datacash has offered £3.25m to buy UK-based credit card fraud experts the 3rd Man. The offer, announced Monday, represents 30p per share, a 18 per cent premium of 3rd Man's trading price on 22 November.
The 3rd Man said the deal will allow it to expand internationally. Andrew Goodwill, a director at the 3rd Man, added that the deal will allow the 3rd Man to add data from Datacash, making its fraud prevention service more robust and comprehensive. The 3rd Man is expected to continue trading under its own name.
The 3rd Man runs a database-based service that gives online merchants the opportunity to share information on actual or attempted internet scams, reducing card fraud. The firm expanded when it bought Early Warning, another anti-fraud service founded by former online computer components reseller Goodwill, in November 2007.
In a statement, Datacash said that no redundancies are expected to flow out of the deal. More details on the deal can be found here (pdf). ®