X2Engine Announces Acquisition of Groundbreaking Fraud Prevention Company

REDWOOD CITY, Calif., April 3, 2024 /PRNewswire/ -- X2Engine, a pioneering enterprise software company at the forefront of open-source CRM solutions, is thrilled to announce the acquisition of a transformative new transaction security company called Identifid. A company whose patented technology is set to revolutionize how organizations combat fraud in person and online.

With the rapid growth of online transactions and digital interactions, the need for robust and reliable fraud prevention, security, and loss prevention systems has become paramount. X2Engine recognizes this evolving market demand and has strategically acquired Identifid. 

Identifid brings a wealth of innovative technologies and expertise to X2Engine. Specifically, the patented technology that links individuals to the transactions they are conducting - not the ID they are presenting.

"We are delighted to announce this acquisition and expand our capabilities in this area," said David Buchanan, CEO of X2Engine. "It aligns perfectly with the needs of our clients, specifically those in the financial services and healthcare industries. In addition, we project that it will grow to $175 Million in ARR within the next 3 years." John Taylor, CEO of Identifid, states "We are thrilled to become a part of the X2 family and to work with their leadership team as we seek to scale our business and to maximize our impact in the security and loss prevention space.

Identifid's solution when piloted within the financial services industry, delivered a 75% decrease in fraudulent activity - in under 60 days! For more information on Identifid and their patented technology, visit www.identifid.com. 

About X2Engine:
X2Engine is a leading enterprise software company specializing in open-source CRM solutions. With focuses on driving digital transformation and enabling organizations to build stronger customer relationships, X2Engine provides cutting-edge CRM solutions that deliver exceptional experiences for businesses worldwide. For more information on X2Engine and its suite of open-source CRM solutions, visit www.x2engine.com or contact us at [email protected]. 

SOURCE X2Engine