Budapest-based SEON — an anti-fraud platform that analyzes a customer’s “fingerprint” to remove fake accounts and prevent fraudulent transactions — has acquired a specialist AML and compliance firm, Complytron, also based in Budapest.
The terms of the deal have not been officially released, but sources at Techcrunch said the deal will cost around €2.5 million, though SEON declined to comment. Complytron previously raised €257,000 from Budapest-based CVC Hiventures.
Complytron co-founder and CEO Oliver Lebhardt will join SEON along with co-founder and UX lead Abris Gryllus. A spokesperson for SEON said the acquisition adds AML capabilities to SEON’s anti-fraud platform, allowing SEON to offer a wider range of AML and anti-fraud services.
SEON competes with Emailage, Iovation, Threatmetrix, but pays close attention to social media accounts to keep out scammers. Last year, it raised a $94 million Series B funding round led by Silicon Valley’s IVP.
SEON claims that the addition of the Complytron feature means it will eliminate the need for separate searches across different AML databases, such as international sanctions and crime lists, Politically Exposed Persons (PEP) databases, and government watch lists. such as Interpol and the FBI.
In a statement, Tamas Kadar, co-founder and CEO of SEON noted, “Less than a year after our $94 million Series B, we are continuing our mission to fight fraud and money laundering… AML all over again. ” It made perfect sense for us to acquire Complytron’s extensive and innovative algorithms and global databases, as well as the expertise of its talented team.”
Lebhardt added: “We have watched the SEON story unfold and have followed the company on its exciting growth trajectory. It is now exciting to be part of the mission and play a role in combining AML and fraud prevention tools into one source.”
As part of the agreement, SEON will acquire all rights to Complytron’s technologies, as well as the company’s employees, including the dedicated AML team.
SEON was also named the most popular cybersecurity startup of 2022 by the annual Europa Awards.
Source: La Neta Neta
Jason Jack is an experienced technology journalist and author at The Nation View. With a background in computer science and engineering, he has a deep understanding of the latest technology trends and developments. He writes about a wide range of technology topics, including artificial intelligence, machine learning, software development, and cybersecurity.
