With 8 majority and 14 minority transactions since 2010, Visa is an active acquirer and investor in technology. Visa focuses on targets that can enhance the Company’s technology and relationship with customers. Visa does not make acquisitions to merely increase revenue growth. Visa has recently signaled an interest in acquiring companies in select areas of payments technology including authentication and risk services. The Company believes these technologies will further differentiate and enhance its services to issuers, merchant acquirers, and merchants, and lend themselves more to a buy versus build approach.