SymphonyAI acquires NetReveal
SymphonyAI has acquired financial crime detection solution NetReveal from British technology-led defence, aerospace and security solutions firm BAE Systems.
Founded in 2017, SymphonyAI builds packaged enterprise AI solutions for various industries, including finance, IT/enterprise service management, retail, consumer packaged goods, manufacturing, media and the public sector. The platform is backed by private investment firm SAIGroup. In late 2021, SymphonyAI launched its Symphony AyasdiAI Sensa platform, which aims to reduce financial crime by combining graphs, supervised and unsupervised machine learning to transform clients’ risk approach by using data in their legacy anti-money laundering (AML) and fraud systems.
NetReveal manages all aspects of AML detection, financial crime investigation and reporting. It also provides regulatory compliance, risk management as well as fraud and financial crime detection with the aim of reducing costs for global, multi-jurisdiction operations.
As part of the acquisition, the two products will find new ways to use next-generation AI-technologies in a bid to increase financial crime detection.
“SymphonyAI’s mission is to combine an in-depth understanding of business challenges with AI technology,” commented SymphonyAI CEO Sanjay Dhawan. “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. Our portfolio is unmatched in capabilities that will define the future of financial crime detection.”