SymphonyAI, a pacesetter in high-value enterprise AI SaaS for strategic industries, introduced at the moment it’s buying monetary crime detection chief NetReveal from BAE Programs. This acquisition marks a big step in SymphonyAI’s growth technique throughout the monetary vertical.
As we speak’s banking regulatory panorama calls for establishments successfully handle monetary crime, fraud, sanctions screening, inside malfeasance, and rising cryptocurrency threat. NetReveal effectively protects in opposition to monetary crime, ensures regulatory compliance, and reduces threat for 200 of the world’s main monetary companies establishments. The monetary companies sector is a big business vertical for SymphonyAI. The corporate developed and launched the Symphony AyasdiAI Sensa platform in late 2021, bringing AI-based analytics and insights to monetary crime detection. As a part of SymphonyAI’s monetary vertical, NetReveal will use Sensa AI know-how to ship transformative improvements and highly effective new merchandise that higher uncover anomalous exercise, cut back false positives, and management prices.
“NetReveal is a worldwide chief in regulatory compliance and monetary crime detection and prevention with a 20-year heritage, working in a fast-growing market,” stated Mike Foster, managing director of NetReveal. “We’re well-positioned for progress. As a part of SymphonyAI, NetReveal can pursue all avenues for that progress, together with an modern product roadmap, new partnerships, and expanded go-to-market alternatives.”
“SymphonyAI’s mission is to mix an in-depth understanding of enterprise challenges with AI know-how,” stated SymphonyAI CEO Sanjay Dhawan. “We cut back the burden on the enterprise employee with AI for brand new insights to enhance operations. NetReveal matches proper in that candy spot, offering prospects with unequalled business data and confirmed know-how. Our monetary vertical now combines Sensa’s market-defining innovation with NetReveal’s robust counter-fraud and monetary crime heritage. Our portfolio is unmatched in capabilities that may outline the way forward for monetary crime detection.”
“NetReveal and SymphonyAI carry collectively a powerful AI analytics framework and well-established scalable platform for threat administration,” stated Sidhartha Sprint, analysis director at analysis agency Chartis. “This highly effective new mixture will mix next-generation AI analytics and an end-to-end threat administration infrastructure to ship scalable options in all kinds of threat and compliance contexts and characterize a big new addition to the compliance know-how ecosystem.”
The NetReveal Monetary Crime platform manages all points of anti-money laundering detection and monetary crime investigation and reporting. It supplies regulatory compliance, threat administration, and fraud and monetary crime detection to extend effectiveness and cut back prices for world, multi-jurisdiction operations.
Following this acquisition, SymphonyAI’s monetary vertical will include NetReveal, with its in depth expertise throughout a big buyer base and its staff of greater than 750 material consultants, and SymphonyAI Ayasdi, with its award-winning Sensa monetary crime platform and main know-how staff. The 2 product teams will speed up innovation throughout the NetReveal and Sensa portfolios for transformative, next-generation AI-based capabilities for monetary crime detection.
“That is nice information for NetReveal prospects and the market,” stated SymphonyAI Chairman and Founder Dr. Romesh Wadhwani. “NetReveal is a wonderful match for SymphonyAI. Our main enterprise AI SaaS options ship huge worth to prospects within the retail, CPG, monetary, manufacturing, media, IT, and public sectors. NetReveal helps remedy the crucial issues monetary companies prospects face at the moment in dealing with monetary crimes. Being a part of SymphonyAI will improve and speed up its worth to prospects in a big manner.”
The transaction is anticipated to be accomplished later this yr, topic to customary regulatory approvals.