Mastercard has acquired artificial intelligence (AI) and data analytics firm RiskRecon.

The terms of the deal were not disclosed, but it is expected to close in the first quarter of this year, subject to regulatory conditions.

The US-based firm was founded in 2015 and offers risk management solutions to the finance, energy, healthcare, insurance and defence sectors.

It has completed three funding rounds worth a combined $40 million, the most recent in August 2018, with $25 million coming from F-Prime Capital, General Catalyst, Dell Technologies Capital and Accel.

Ajay Bhalla, president of cyber and intelligence for Mastercard, said the acquisition will further accelerate the payments giant’s suite of cyber solutions.

“Through a powerful combination of AI and data-driven advanced technology, RiskRecon offers an exciting opportunity to complement our existing strategy and technology to secure the cyber space.”

Kelly White, chief executive officer and co-founder of RiskRecon, said the deal is an opportunity for growth and increased reach.

“By becoming part of team, we have an opportunity to scale our solution and help companies in new industries and geographies take steps to better manage their cybersecurity risk."

The transaction is one of many for Mastercard during 2019, following deals for customer loyalty platform SessionM, software-as-a-service billing firm Transactis, and payments company Nets.

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