Online shopping network ShopRunner has had a big week. First, it announced an investment from UPS which will allow both companies to boost their retailer demand generation programs, while giving UPS My Choice members a strong shopping platform.
"UPS shares our commitment to meeting the growing demand of shoppers for faster shipping and more control of their deliveries," Michael Rubin, chairman of ShopRunner, said in a press release.
"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 addition, ShopRunner announced it has acquired Precognitive, a solution that combines device intelligence, advanced behavioral analytics, and a real-time decision engine to enable companies to more accurately identify online fraud.
"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."
This deal follows ShopRunner's recent acquisition of mobile app Spring. ShopRunner will provide Precognitive's product to its network of retailers. In 2018, ShopRunner members spent over $2 billion in the eCommerce network.
"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," added Sam Bouso, CEO of Precognitive. "ShopRunner's investment in our product will allow us to accelerate development and grow operations to meet demand."