BOCA RATON, Fla.--(BUSINESS WIRE)--Cogint, Inc. (NASDAQ: COGT), a leading provider of information and performance marketing solutions, announced today that its wholly-owned subsidiary, Red Violet Blockchain and Analytical Solutions, LLC, has acquired a minority interest in Seattle-based Dragonchain, Inc. Terms of the transaction were not disclosed. The company acquired a less than 5% interest in Dragonchain.
Dragonchain was originally developed at Disney’s Seattle office in 2015 and 2016 as the Disney Private Blockchain Platform. The Dragonchain team, led by Founder and CEO Joe Roets, is now in the process of launching a serverless architecture blockchain platform.
cogint recently announced a collaboration with Dragonchain in implementing Red Violet solutions, including asset tracking, identity verification, fraud prevention, and transaction security with the Dragonchain blockchain platform. The goal of the collaboration is to integrate mission-critical business applications with the secure, serverless, scalable Dragonchain blockchain platform to empower businesses of all kinds to adopt the Dragonchain blockchain platform for their daily business functions.
“We believe that Dragonchain’s technology is uniquely positioned to drive significant enterprise adoption,” commented Derek Dubner, CEO of cogint. “We invested in Dragonchain because of its valuable technology, thought leadership, cultural alignment, and opportunity to be the leader in enterprise blockchain adoption across disparate industries.”
Red Violet Blockchain and Analytical Solutions, LLC is a subsidiary of Red Violet, Inc., which is currently a wholly-owned subsidiary of Cogint, Inc. Cogint, Inc. is in the process of spinning off Red Violet, Inc. as a dividend to cogint stockholders, subject to necessary regulatory approvals. The record date of the spin-off dividend is expected to be announced within the next few weeks.
Dragonchain simplifies the integration of real business applications on a blockchain and provides features such as easy integration, protection of business data and operations, currency agnosticism, and multi-currency support. The company also provides professional services to build-out development and successful tokenization ecosystems with long-term value utilizing an incubation model.
At cogint, we believe that time is your most valuable asset. Through powerful analytics, we transform data into intelligence, in a fast and efficient manner, so that our clients can spend their time on what matters most – running their organizations with confidence. Through leading-edge, proprietary technology and a massive data repository, our data and analytical solutions harness the power of data fusion, uncovering the relevance of disparate data points and converting them into comprehensive and insightful views of people, businesses, assets and their interrelationships. We empower clients across markets and industries to better execute all aspects of their business, from managing risk, conducting investigations, identifying fraud and abuse, and collecting debts, to identifying and acquiring new customers. At cogint, we are dedicated to making the world a safer place, to reducing the cost of doing business, and to enhancing the consumer experience.
This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipate," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether Dragonchain’s technology is uniquely positioned to drive significant enterprise adoption; whether Dragonchain has the opportunity to be the leader in enterprise blockchain adoption across disparate industries; whether cogint will be able to achieve the necessary regulatory approvals of the Red Violet spin-off and whether cogint will announce a record date for the Red Violet spin-off within the next few weeks. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q and other SEC filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.