SymphonyAI, a leader in enterprise AI SaaS for strategic industries, is set to acquire financial crime detection firm NetReveal from BAE Systems.
According to Symphony, NetReveal efficiently protects against financial crime, ensures regulatory compliance and reduces risk for 200 of the world’s leading financial services institutions.
As part of SymphonyAI’s financial vertical, the acquired company will use Sensa AI technology to deliver ‘transformative innovations and powerful new products that better uncover anomalous activity, reduce false positives, and control costs’.
Following the acquisition, SymphonyAI’s financial vertical will consist of NetReveal, with its extensive experience across a large customer base and its team of over 750 subject matter experts, and SymphonyAI Ayasdi, with its award-winning Sensa financial crime platform and leading technology team.
SymphonyAI CEO Sanjay Dhawan said, “SymphonyAI’s mission is to combine an in-depth understanding of business challenges with AI technology. We reduce the burden on the enterprise worker with AI for new insights to improve operations. NetReveal fits right in that sweet spot, providing customers with unrivaled industry knowledge and proven technology. Our financial vertical now combines Sensa’s market-defining innovation with NetReveal’s strong counter-fraud and financial crime heritage. Our portfolio is unmatched in capabilities that will define the future of financial crime detection.”
NetReveal managing director Mike Foster added, “NetReveal is a global leader in regulatory compliance and financial crime detection and prevention with a 20-year heritage, operating in a fast-growing market. We are well-positioned for growth. As part of SymphonyAI, NetReveal can pursue all avenues for that growth, including an innovative product roadmap, new partnerships, and expanded go-to-market opportunities.”
The transaction is expected to be completed later in 2022.
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