SymphonyAI acquires NetReveal
AI SaaS company SymphonyAI is acquiring financial crime detection company NetReveal from BAE Systems .
SymphonyAI launched the Symphony AyasdiAI Sensa platform in late 2021, bringing AI-based analytics and insights to financial crime detection. As part of SymphonyAI’s financial vertical, NetReveal will use Sensa AI technology to deliver new products that better uncover anomalous activity, reduce false positives, and control costs.
“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.” – Mike Foster, managing director of NetReveal.
“SymphonyAI’s mission is to combine 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.” – SymphonyAI CEO Sanjay Dhawan.
“NetReveal and SymphonyAI bring together a strong AI analytics framework and well-established scalable platform for risk management. This powerful new combination will combine next-generation AI analytics and an end-to-end risk management infrastructure to deliver scalable solutions in a wide variety of risk and compliance contexts and represent a significant new addition to the compliance technology ecosystem.” – Sidhartha Dash, research director at research firm Chartis.
The NetReveal Financial Crime platform manages all aspects of anti-money laundering detection and financial crime investigation and reporting. It provides regulatory compliance, risk management, and fraud and financial crime detection to increase effectiveness and reduce costs for global, multi-jurisdiction operations.
“This is great news for NetReveal customers and the market. NetReveal is an excellent fit for SymphonyAI. Our leading enterprise AI SaaS solutions deliver enormous value to customers in the retail, CPG, 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.” -SymphonyAI Chairman and Founder Dr. Romesh Wadhwani.
