SymphonyAI, a leader in high-value enterprise AI SaaS for strategic industries, announced today the close of its acquisition of financial crime detection leader NetReveal from BAE Systems. The deal was first announced in July 2021.
NetReveal, which is now SymphonyAI NetReveal, brings SymphonyAI its extensive experience and portfolio to fight financial crime across a large customer base. NetReveal is being added to SymphonyAI's finance vertical, joining SymphonyAI Sensa to accelerate innovation for transformative, next-generation AI-based capabilities for financial crime detection.
Already, the NetReveal and SymphonyAI Sensa teams have taken a step to reinvent anti-financial crime management with the launch of the NetReveal-Sensa Suite, announced Oct 11. The new solution is a 'no compromise' transaction and behavior monitoring offering that uniquely combines AI detection with intelligent alert management.
"We're pleased to officially count NetReveal's world-class platform as part of our portfolio of solutions, deepening our ability to deliver effective crime fighting capabilities to the financial sector and to ease the burden on risk departments, NetReveal's industry-leading anti-money laundering and payment fraud detection capabilities will be further enhanced with AI capabilities and analytics that better uncover anomalous activity, significantly reduce false positives, and more effectively help customers control costs. We're excited to welcome the NetReveal team to SymphonyAI."
- SymphonyAI CEO Sanjay Dhawan
Financial institutions are facing a rapidly changing environment for financial crime and risk monitoring, and a dynamic regulatory one, As a leader in this space, it's been consistently important that NetReveal grows to meet, and exceed, these changing demands for our customers. Joining SymphonyAI materially accelerates that growth and innovation. We're very pleased to be a part of SymphonyAI, said Mike Foster, president and CEO of SymphonyAI NetReveal.
SymphonyAI NetReveal brings over 20 years of industry expertise and 200 of the world's leading financial institutions, including top 100 global banks, as customers. The company has been widely recognized by expert industry analysts for its risk technology and enterprise fraud detection solutions, including its recent listing by Chartis as a 2022 Category Leader in the RiskTech Quadrants® for Sanctions Screening and Transaction Monitoring Solutions.
About SymphonyAI NetReveal
SymphonyAI NetReveal, part of the SymphonyAI finance vertical, provides financial crime, risk management, and fraud detection and prevention across banking, financial markets, and insurance via a single platform. The platform is adaptable to the evolving and heterogeneous nature of the financial services sector; to deliver power and flexibility in analytics, investigation, integration, security, and total cost of ownership reduction.
SymphonyAI is building the leading enterprise AI SaaS company for digital transformation across the most critical and resilient growth industries, including retail, consumer packaged goods, finance, manufacturing, media, IT/enterprise service management, and the public sector. SymphonyAI has many leading enterprise customers in each of these industries. Since its founding in 2017, SymphonyAI has grown rapidly, approaching 2,000 talented leaders, data scientists, and other professionals. SymphonyAI is a SAIGroup company, backed by a $1 billion commitment from successful entrepreneur and philanthropist Dr. Romesh Wadhwani.