Acquisition of NetReveal® by SymphonyAI Launches New Market Leader in Financial Crime Prevention Solutions
Closing of BAE Systems Acquisition Marks Significant Expansion of SymphonyAI’s Financial Vertical, Combining NetReveal’s Comprehensive Platform with Advanced Sensa AI for Unparalleled Financial Crime Detection
PALO ALTO, Calif. and LONDON, October 31, 2022 /PRNewswire/ — SymphonyAI, a leader in high-value enterprise AI SaaS for mission-critical industries, today announced the closing of its acquisition of financial crime detection leader NetReveal from BAE Systems. . The deal was first announced in July 2021.
NetReveal, now called SymphonyAI NetReveal, brings to SymphonyAI its extensive experience and portfolio to fight financial crime across a broad customer base. NetReveal is added to SymphonyAI’s financial vertical, joining SymphonyAI Sensa to accelerate innovation for transformative next-generation AI-powered 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 announced NetReveal-Sensa suite. October 11. The new solution is a “no-compromise” transaction and behavior monitoring offering that uniquely combines AI-based detection and intelligent alert management.
“We are delighted to officially count NetReveal’s world-class platform in our solution portfolio, further strengthening our ability to deliver effective crime-fighting capabilities to the financial industry and ease the burden on risk departments,” said the CEO of SymphonyAI. Sanjay Dhawan. “NetReveal’s industry-leading anti-money laundering and payment fraud detection capabilities will be further enhanced with AI capabilities and analytics that will better uncover anomalous activity, significantly reduce false positives and to more effectively help customers control costs. We are delighted to welcome the NetReveal team to SymphonyAI.”
“Financial institutions face a rapidly changing environment for financial crime and risk oversight, and a dynamic regulatory environment,” said Mike Foster, President and CEO of SymphonyAI NetReveal. “As a leader in this space, it has always been important for NetReveal to grow to meet, and exceed, these changing demands from our customers. Joining SymphonyAI significantly accelerates this growth and innovation. We are very happy to be part of SymphonyAI.
SymphonyAI NetReveal brings over 20 years of industry expertise and 200 of the world’s leading financial institutions, including the top 100 global banks, as clients. 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 Solutions sanctions screening and transaction monitoring.
About SymphonyAI NetReveal
SymphonyAI NetReveal, part of the SymphonyAI finance vertical, provides financial crime, risk management, and fraud detection and prevention across banking, capital markets, and insurance through a single platform. The platform is adaptable to the evolving and heterogeneous nature of the financial services industry; to deliver power and flexibility for analysis, investigation, integration, security, and lower total cost of ownership.
About Symphony AI
SymphonyAI is building the leading enterprise AI SaaS company for digital transformation in the most critical and resilient growth sectors including retail, consumer packaged goods, finance, manufacturing , media, IT/enterprise service management and public sector. SymphonyAI has many leading enterprise clients in each of these industries. Since its inception 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 the commitment of successful entrepreneur and philanthropist Dr. Romesh Wadhwani.