Mastercard buys cybersecurity firm Recorded Future to enhance cyber defense capabilities

Mastercard, a US-based financial services company, announced today that it has entered into a definitive agreement to acquire threat intelligence firm Recorded Future for a whopping $2.65 billion. According to SecurityWeek, the deal will help Mastercard offer greater protection and enhance security measures for digital transactions.

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"This is a significant step forward in our ongoing commitment to providing the highest level of protection and trust for our customers," Craig Vosburg, Chief Services Officer of Mastercard, said in a released statement. "The addition of Recorded Future's expertise in cyber intelligence will strengthen our ability to combat the evolving threats facing the payments industry."

"We are thrilled to join forces with Mastercard on this exciting new chapter," said Chris Ahlberg, Chief Executive Officer of Recorded Future. "Together, we will be able to leverage our combined resources and expertise to create a more secure environment for digital transactions worldwide."

Founded in 2009 by Christopher Ahlberg, who previously co-founded business software firm Spotfire, and technology expert Staffan Truvé, Recorded Future has established itself as a global powerhouse in threat intelligence and cybersecurity through its innovative use of advanced AI technologies.  The Boston, Massachusetts-based company provides tools for threat detection, risk management, and security operations.. It analyzes vast amounts of data from various sources, including the technical infrastructure, open web, and dark web to detect emerging cyber threats. 

The company’s core product, the Intelligence Cloud, is designed to help businesses and government agencies identify, assess, and respond proactively to emerging cyber threats. The goal was to provide comprehensive visibility into the cyber threat landscape by leveraging massive data sources and applying cutting-edge security analytics to surface actionable intelligence.

Before its blockbuster deal with Mastercard, Recorded Future had raised significant investment from notable venture capitalists, including a $25 million investment led by Insight Partners, which played a major role in its growth. In 2019, Recorded Future was acquired by its primary investor Insight Partners for $780 million. 

The $2.6 billion deal is critical as cybercrime continues to pose a growing threat to businesses and consumers worldwide. Cybersecurity threats continue to wreak havoc in the digital economy. With global losses projected to reach a monstrous $9.2 trillion by 2024, corporate giants like Mastercard are taking serious actions to boost their cybersecurity defenses. As part of the deal, Recorded Future will operate as an independent subsidiary of Mastercard, according to the released statement.

About Mastercard 

Founded in 1966 as the Interbank Card Association (ICA) by a group of U.S. banks, Mastercard is a leading global technology company in the payments industry, providing secure and efficient electronic transaction solutions. The company offers a wide range of financial products and services related to commercial card solutions. 

Currently, the company is focusing on innovation, particularly in Artificial intelligence (AI) technology, digital identity, and cybersecurity, as evidenced by its recent strategic acquisitions, including the latest Recorded Future transaction. It is also investing in real-time payments, blockchain, and cryptocurrency space.

This latest deal aligns with Mastercard’s broader goal to enhance its cybersecurity defense and fraud prevention capabilities, reinforcing trust and securing its global payment services. Mastercard is no longer new to Recorded Future. Both companies have previously collaborated in some key technology areas, like AI-powered tools used to detect compromised payment cards faster. The deal, which is still subject to government regulatory approvals,  is expected to be completed by the first quarter of 2025.