ShopRunner Adds UPS as Investor and Acquires Precognitive, an AI-Based Fraud-Prevention Provider
As shipping and fraud grow more important to retailers, ShopRunner expands its focus.
CHICAGO, Jan. 22, 2019 /PRNewswire/ -- Today, ShopRunner, the free two-day shipping and seamless checkout e-commerce network that connects retailers with millions of the best e-commerce shoppers, announced that it has taken investment from UPS to close its most recent round of financing. This partnership will allow UPS and ShopRunner to leverage their relationship to enhance retailer demand generation programs while adding a robust shopping platform for UPS My Choice members.
"UPS shares our commitment to meeting the growing demand of shoppers for faster shipping and more control of their deliveries," said Michael Rubin, Chairman of ShopRunner. "The addition of UPS to our roster of investors only strengthens our collaboration around creating innovative products and services for both our consumers and retail partners."
In a separate transaction, ShopRunner also acquired Precognitive, an enterprise fraud-prevention solution that combines device intelligence, advanced behavioral analytics, and a real-time decision engine to help companies more accurately identify online fraud.
Following its recent acquisition of mobile app Spring, ShopRunner's acquisition of Precognitive expands its suite of enterprise products to include fraud prevention. Like the rest of its solutions, ShopRunner will provide the Precognitive product as a value-added benefit to its network of retailers.
"We see over 100 million devices per month across our network," said Sam Yagan, CEO of ShopRunner. "Aggregating that scale for the benefit of each of our retailers represents yet another manifestation of our fundamental thesis that our partners can each benefit from the combined reach of the ShopRunner network. Precognitive equips our partners with industry-leading algorithms to detect and combat online fraud and account takeover issues taking a toll on their e-commerce revenue and interfering with their ability to offer a seamless and safe shopping experience for customers."
"Joining forces with ShopRunner expands the breadth of our data intelligence network. Our collective clients from retail, travel, banking, and digital services have an unprecedented global vantage point to detect sophisticated cybercrime trends as they emerge," said Sam Bouso, CEO of Precognitive. "ShopRunner's investment in our product will allow us to accelerate development and grow operations to meet demand."
In 2018, ShopRunner members spent over $2 billion in the network as the company continues to expand its product offerings for both retailers and consumers. The acquisition of Precognitive kicks off 2019 on the heels of a year that included the launch of mobile app District, the acquisition of Spring, a $40M fundraise, and new additions to its Board of Directors.
About ShopRunner
As the premier e-commerce network, ShopRunner offers its members free two-day shipping, free returns, and seamless checkout. Spending billions of dollars in the ShopRunner network annually, ShopRunner's millions of members prove every day that retailers can attract the highest value customers by offering free, fast, and convenient login, shipping, and checkout options. ShopRunner's network partners include Neiman Marcus Group, Hudson's Bay Company, Kate Spade & Company, & Cole Haan, and over one hundred others.
About Precognitive
Precognitive is revolutionizing the way companies fight online fraud and protect their customer accounts. Its fraud prevention platform provides a multi-dimensional solution that combines device intelligence, advanced behavioral analytics, and machine learning. Precognitive develops innovative, easy-to-deploy technology that intelligently interprets data to create an unrivaled level of accuracy in fraud detection and prevention. It delivers immediate impact for businesses by stopping fraud while also reducing false positives and avoiding disruption to legitimate consumers.
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. UPS was awarded America's Best Customer Service company for Shipping and Delivery services by Newsweek magazine; Fortune magazine's Most Valuable Brand in Transportation; and top rankings on the JUST 100 list for social responsibility, the Dow Jones Sustainability World Index, and the Harris Poll Reputation Quotient, among other prestigious rankings and awards. The company can be found on the web at ups.com or pressroom.ups.com and its corporate blog can be found at longitudes.ups.com. The company's sustainability eNewsletter, UPS Horizons, can be found at ups.com/sustainabilitynewsletter . To get UPS news direct, follow @UPS_News on Twitter.
Contact: Jenn Glassey, 215-292-4601, [email protected]
SOURCE ShopRunner
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