RuleBurst acquires financial crime specialist FraudSight

Australian-based business rules management systems vendor, RuleBurst has acquired FraudSight, a Canberra-based specialist provider of enterprise software for the prevention of financial crime.

The finalised stock and cash deal sees FraudSight’s staff, products and services fully integrated into RuleBurst as part of a new financial crime division. It took less than one month to finalise the acquisition.

FraudSight has been responsible for detecting around $100 million worth of fraud over the last two years by applying data analytics and neural networking to financial crimes including online banking fraud and money laundering. FraudSight’s customers include three of Australia’s largest banks and a significant number of financial institutions.

Matthew Perrin, chairman of RuleBurst said integrating FraudSight’s artificial intelligence technology with RuleBurst’s natural language platform will enable corporate and public sector customers to ensure compliance.

“Financial Crime is one of the fastest growing global industries and all financial, corporate and public sector organisations are now faced with the challenge of minimising risks while maintaining customer service and confidence levels,” said Perrin.

Perrin told CRN that FraudSight is a privately held company and is unable to discuss the value of the acquisition.

“However, we can say that we’re confident the acquisition of FraudSight will create multi-million dollar standalone revenue for RuleBurst in the next 12 months,” he said.

“As a result of the acquisition we already have three ‘proof of concepts’ in progress and expect to close our first significant deal with one of Australia’s largest banks in the next two weeks.”

RuleBurst operates in partnerships with SAP and Microsoft in particular and its engine is an SAP Endorsed Business Solutions and a participant in the global Microsoft Business Alliance, said Perrin.