DALLAS, Jan. 11, 2018 /PRNewswire/ -- GIACT Systems, the industry leader in payment fraud reduction, today announced record-breaking performance for its 2017 fiscal year. Sales and recurring revenue, new account acquisition, and employee headcount all grew at the highest rates in GIACT's 14-year history. Annual revenue increased by approximately 70%, over 200 new accounts were added to its customer roster, and GIACT's workforce grew by approximately 70% to support continued growth across all product lines.
Sales of GIACT's EPIC Platform were especially strong with increased interest in enrollments, authentication, and account verification. Identity-related solutions saw the highest growth with a fourfold increase in sales. "As fraudsters increasingly turn to synthetic identities as a preferred method for fraud, we have seen the industry quickly put more focus on solutions that are able to effectively stop synthetic ID fraud," said David Barnhardt, EVP of product of GIACT.
New customers spanned a diverse range of industries, including financial services, ecommerce and retail, insurance, utilities, and others. GIACT also added several resellers and strategic partners who will integrate GIACT's solutions into their own product offerings. New employees were added in every department, especially sales, customer support, and implementation to ensure GIACT maintains its high-levels of customer satisfaction.
"GIACT's performance in 2017 is the result of our employees' tireless dedication to our customers, as well as our passion for developing new products that address the rapidly-evolving landscape of payments fraud," said Melissa Townsley, co-founder and CEO of GIACT. "We will continue to aggressively invest in bringing industry-leading solutions to market as we strive for even higher levels of growth."
GIACT™ has been helping companies verify valued customers since 2004. From financial to insurance, to retail, to solutions for your industry, GIACT offers customer intelligence for complete payment confidence. As the leader in providing real-time data to help companies mitigate payment risk and fraud, our OFAC screening, ID verification, account verification and authentication, and mobile verification solutions enable you to focus on providing unmatched customer experiences. Since our founding, we’ve processed billions of transactions for our more than 1,000 customers. For more information, visit www.giact.com or call 1-866-918-2409. Follow us on LinkedIn and Twitter.