Anti-money laundering software and solutions house Fortent has been bought out in a $73.5 million deal, the second in as many days by NICE Systems Ltd, the Israeli digital recording and analytics software house.
The New York-based Fortnet business, which claims to service clients such as Barclays, JPMorgan Chase, Mizuho, Royal Bank of Scotland and Scotiabank, will be folded into Nice subsidiary Actimize.
The merger will produce what is said to be the industry’s largest and broadest risk and financial crime solutions provider.
Following this acquisition, the majority of the world’s largest banks and all top ten global banks will use Actimize to address financial crime, the company said.
The acquisition follows the deal announced yesterday that NICE is to buy Hexagon System Engineering Ltd, paying around $11 million for the fellow Israel-based company and its line in cellular location tracking technology.
The Hexagon systems will expand the company’s capabilities for helping law enforcement, internal security, and intelligence agencies fight crime with systems that can intercept communications.
Actimize will integrate the Fortent platform to create the a financial crime product suite for both the retail and capital markets, and which can detect real-time fraud and manage brokerage compliance.
This part of the NICE business operation is expected to cross the $100 million mark in 2010, the company has claimed.
Previously known as SearchSpace, Fortnet was founded in 1993 and has pioneered statistical-based anti-money laundering and statistical profiling analytics technology.
