SymphonyAI, an artificial intelligence (AI) software-as-a-service company, this week announced it is acquiring financial crime detection platform NetReveal from BAE Systems. Terms of the deal were not disclosed.

As part of the British multinational aerospace and defense company BAE Systems, London-based NetReveal delivered positive financial performance after BAE acquired the company in 2008, Mike Foster, managing director of NetReveal, told Bank Automation News.

With BAE shifting increasingly toward the defense and public sector, NetReveal undertook a strategic review of its business to determine how to continue meeting the needs of the financial institutions it serves.

“Moving the NetReveal business out of BAE enables it to be more agile and focus solely on the needs of financial customers,” Foster said.

“When we became aware of SymphonyAI, and the strength of their AI technology, we were immediately interested in the added depth it could offer when applied to our already extensive suite of fraud detection software,” Foster said.

The software provider started exploring a spinout of its business last year. The two parties signed the acquisition deal on July 9, and Foster expects the deal to close later this year.

NetReveal is an end-to-end platform that monitors financial transactions for potential criminal activity. Following the acquisition, the companies intend to merge NetReveal’s platform with SymphonyAI’s own financial crime detection tool, AyasdiAI Sensa, which launched in 2021. The tool uses advanced AI and machine learning on the same banking transaction data as NetReveal.

As part of SymphonyAI’s financial vertical, NetReveal will use Sensa AI technology to deliver innovations and new products to uncover anomalous activity, reduce false positives, and control costs, according to a news release.

“Today, banks can use Sensa AI technology and NetReveal together to find more potential financial crime and reduce false positives, so banks can be more efficient and effective,” Foster said. “We plan to integrate the platforms together to make banking operations even more effective in detecting and preventing financial crime.”

Founded in 2017 by tech billionaire Romesh Wadhwani, the Palo Alto-based SymphonyAI employs roughly 2,000 people. Wadhwani stepped down as CEO in January, in favor of Sanjay Dhawan, while still remaining chairman. SymphonyAI has acquired five AI companies since 2019, according to CrunchBase.

The acquisition of NetReveal will bring in a team of over 700 experts and a customer base of 200 financial institutions.

While Foster would not comment on whether future acquisitions are in the works for SymphonyAI, he said the company is always evaluating opportunities to provide value to customers and grow.