June 19, 2012 – Verisk Analytics Inc. will pay $8 million for Aspect Loss Prevention, a Minneapolis-based loss prevention software and solutions provider.
Verisk trumpeted the deal as a boost for not only its retail loss prevention analytics, but also its overall crime analytics offerings. A specialist in risk management, Verisk touted the deal as a recognition that more retailers have a need to sew analytics into their loss prevention initiatives. Verisk also plans to use Aspect Loss Prevention analytical tools as part of its national crime databases for retailers, according to a statement on the acquisition.
“We’re also impressed by the many ways in which retailers use Aspect’s technology to detect and prevent both internal and external theft, monitor and improve operational activities, and reduce other forms of loss,” said Vincent Cialdella, president of Verisk Insurance Solutions, claims and crime analytics division, in a statement. “We’re excited by the potential of fully integrating our case management and fraud analytics tools with Aspect’s solutions to help further protect retailers’ profits.”
Aspect Loss Prevention was founded in 1998 and counts Bass Pro Shops and L.L. Bean among its retail, food and beverage, entertainment, and talent management customers. Its user conference held last month, InterACT, was partly sponsored by Verisk Crime Analytics, the crime data division at Verisk. David Duhaime, head of Aspect Loss Prevention for the last 14 years, will stay on to lead the divisions for Aspect and Verisk Crime Analytics.
Initially announced late Friday, Verisk anticipates the deal to close by the end of June.