SymphonyAI Acquisition of NetReveal Puts the Heat on Financial Crime Culprits
This is technology M&A deal number 630 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
The transaction, announced July 12, is expected to be completed later this year, subject to customary regulatory approvals.
SymphonyAI and NetReveal Bring the Heat
SymphonyAI is an enterprise AI software-as-a-service (SaaS) company delivering digital transformation across retail, consumer packaged goods, finance, manufacturing, media, IT/enterprise service management and the public sector. SymphonyAI’s AyasdiAI Sensa platform, launched in late 2021, delivers AI-based analytics and insights to financial crime detection. Founded in 2017, SymphonyAI has grown rapidly, and has about 2,200 employees today, according to its LinkedIn profile.
NetReveal provides financial crime, risk management and fraud detection/prevention across banking, financial markets and insurance via a single platform. Advanced data analytics is at the core of its capabilities, effectively signaling anomalous behavior and mitigating false positive detection.
The acquisition of NetReveal from BAE Systems is a significant step in SymphonyAI’s expansion within the financial vertical. SymphonyAI CEO Sanjay Dhawan describes his company’s mission as one combining 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.”
Message to Financial Crime Perps: You’re Being Watched
The NetReveal financial crime platform manages all aspects of anti-money laundering detection and financial crime investigation and reporting, SymphonyAI says. The platform provides regulatory compliance, risk management and fraud and financial crime detection to increase effectiveness and reduce costs for global, multi-jurisdiction operations.
SymphonyAI notes that the deal allows NetReveal to “use Sensa AI technology to deliver transformative innovations and powerful new products that better uncover anomalous activity, reduce false positives and control costs.”
Mike Foster, managing director of NetReveal, describes the advantage of becoming part of SymphonyAI:
“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.”
SymphonyAI Chairman and Founder Dr. Romesh Wadhwani, adds that the partnership with NetReveal is “such a great fit” for his company:
“Our leading enterprise AI SaaS solutions deliver enormous value to customers in the retail, CPG (consumer packaged goods), financial, manufacturing, media, IT and public sectors. NetReveal helps solve the critical problems financial services customers face today in handling financial crimes. Being part of SymphonyAI will enhance and accelerate its value to customers in a significant way.”