SymphonyAI has reached an agreement with BAE Systems to buy financial crime detection platform NetReveal for an undisclosed sum.
SymphonyAI, which provides enterprise artificial intelligence (AI) software-as-a-service (SaaS), hopes to enhance its capabilities in the financial vertical through this acquisition.
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The NetReveal is engaged in managing all aspects of anti-money laundering detection and financial crime investigation and reporting.
Its services include regulatory compliance, risk management, and fraud and financial crime detection that aim to reduce costs and support multi-jurisdiction operations.
NetReveal will become part of SymphonyAI’s finance vertical, which includes an AI-powered financial crime detection platform Symphony AyasdiAI Sensa.
It will leverage Sensa’s capabilities to innovate and develop new products to tackle financial fraud, reduce false-positive and limit costs.
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 unrivalled 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.”
NetReveal managing director Mike Foster said: “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.”
