Boston, MA, USA, and Guilford, UK, June, 2021 -- Semafone(R), a provider of data security and compliance solutions for call and contact centers, announced that it has secured a majority investment from Livingbridge, a mid-market private equity firm with a global presence. The capital will enable Semafone to continue to invest in its solutions portfolio, accelerate go-to-market strategy, and drive global expansion.
Worldwide spending on information security and risk management technology and services is forecast to grow 12.4% to reach $150.4 billion in 2021 according to Gartner, Inc. With a total addressable market of £1.4bn at the tipping point of digitalization, Semafone provides technology solutions that make it possible for businesses to remove the burden of lengthy, manual processes around consumer data protection, regulatory compliance and security.
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"We have spent the last decade building the best solutions in the industry, and now is the time to further accelerate our growth by taking the company to the next level." said Gary E. Barnett, CEO, Semafone. "We are excited to have Livingbridge as our partner as they share our vision for global market leadership. Our commitment to ensuring data security is stronger now than ever, and with this investment we now have the opportunity to educate, inform, and change the way organizations process and secure sensitive customer data."
"Our investment in Semafone is timed with an increased demand for consumer data protection," said Curt Kahn, Head of US at Livingbridge. "With a portfolio of solutions that aid in the prevention of data breaches, identity theft and payment fraud, the opportunity is now for Semafone to capitalize on its offerings, and we are thrilled to invest in the company’s growth."
Posted by Veronica Silva Cusi, news correspondent
Semafone provides secure voice transactions for contact centres and retailers taking Cardholder Not Present (CNP) payments. The solution allows a call - and the call recording - to continue as normal whilst the customer enters their credit card information using their telephone keypad. For complete security, Semafone's patented technology masks the Dual Tone Multi-Frequency (DTMF) tones from the cardholder's telephone and replaces them with a flat tone so they can't be recognised by the call centre agent or recorded on the call recording system. By ensuring all card data remains segregated and by removing Sensitive Authentication Data (SAD) before it hits the call recorder and the contact centre infrastructure, the contact centre is taken out of the scope of PCI DSS, protected against the risk of opportunistic agent fraud and the associated reputational risk.
Published: Thursday, July 1, 2021
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