Global tech group acquires TruNarrative
TruNarrative has been acquired by LexisNexis Risk Solutions UK, for an undisclosed sum.
The Leeds firm, which provides a cloud-based platform to detect and prevent financial crime and fraud will become a part of its Business Services group.
LexisNexis Risk Solutions is part of the £43bn turnover US-based RELX group, which employs more than 33k people across 40 countries.
"The TruNarrative platform aligns with our financial crime compliance and fraud solutions, since it allows regulated organisations, such as banks, payment companies, non-bank financial institutions and designated non-financial businesses, to orchestrate their end-to-end compliance obligations, meeting onboarding and transaction monitoring requirements with lower customer friction,” explained Rick Trainor, CEO of LexisNexis Risk Solutions, Business Services.
"This acquisition positions us well to help a wide range of businesses select the financial crime prevention components they need, then quickly enable and utilise these tools within high functioning, easy-to-use workflows," Trainor added.
TruNarrative employs more than 60 people at its Leeds office, and earlier this month, it revealed a rebrand to mark its fourth anniversary.
"The team at TruNarrative has worked tirelessly over the past four years building the fastest growing SaaS platform for risk and financial crime,'' said John Lord, CEO and founder of TruNarrative.
"As we reached our high growth, this inflection point helped us focus on seeking a true international partner who could help drive global adoption of TruNarrative's leading technology. The leading capability from LexisNexis Risk Solutions in data and analytics and the high quality of their team made them an obvious choice to help us deliver the next chapter of our amazing journey."