Cogint, Inc. (NASDAQ: COGT) shares jumped over 15 percent and made a new 52 week high Wednesday after the data and analytics company announced the launch of a newly-created division dedicated to its expansion into the blockchain industry.
Cogint provides cloud-based information and performance marketing solutions to enterprises in various industries in the United States. It operates in two segments, Information Services and Performance Marketing. The Information Services segment provides solutions to organizations in the risk management and consumer marketing industries.
The division, named Red Violet Blockchain and Analytical Solutions, will provide cloud-based identity verification and Know Your Customer (KYC) solutions to the emerging and expansive blockchain industry. Red Violet Blockchain and Analytical Solutions will be a subsidiary of Red Violet, Inc., which is currently a wholly-owned subsidiary of Cogint, Inc.
"For the last two decades, our management team has delivered identity verification and other risk mitigation solutions to industries including banking and financial services, insurance, government and law enforcement," said Derek Dubner, CEO of cogint. "Following the recent announcement of our strategic alliance with Dragonchain, and as more businesses adopt blockchain technology, we find ourselves in the enviable position of not having to choose any certain blockchain technology over another, but rather having the ability to provide mission-critical business applications to essentially any enterprise-oriented blockchain with the need to mitigate risk."