SEON, an anti-fraud platform based out of Budapest, has reportedly acquired AML and compliance firm, Complytron.
Apparently, the terms of the agreement were not made public, but sources stated that the acquisition ranged at around €2.5 million (US$2.68 million), though SEON declined to confirm this.
Complytron had formerly secured €257,000 (US$276056) from CVC Hiventures based in Budapest.
Oliver Lebhardt, co-founder, and CEO of Complytron, as well as Abris Gryllus, co-founder and UX lead, will both join SEON. According to a representative for SEON, the acquisition will expand SEON’s fraud-fighting system’s AML capabilities, allowing it to provide more anti-fraud and AML services.
SEON competes with Emailage, Threatmetrix, and Iovation, but it carefully scrutinizes social network accounts to screen out scammers. It secured US$94 million in Series B fundraising last year, which was led by Silicon Valley-based IVP.
SEON claims that by incorporating Complytron’s capabilities, it will be able to cut down the need for individual searches across several AML databases, comprising international sanctions and criminal lists, Politically Exposed Persons (PEP) databases, as well as watch lists maintained by the regulatory authority and national law enforcement, including the FBI and Interpol.
SEON’s co-founder and CEO, Tamas Kadar, stated that less than a year after raising US$94 million in Series B funding, the firm is carrying out the objective to fight fraud and stop money laundering.
According to Tamas, it made perfect sense to purchase Complytron’s broad and cutting-edge algorithms and global databases, along with the know-how of its talented team, rather than constructing an AML system from the ground up.
Lebhardt also remarked that Complytron followed SEON’s success, keeping up the business along with its amazing growth trajectory. It’s now exciting to be a part of the project and to contribute to the consolidation of fraud protection and AML solutions into a single source.
As part of the agreement, SEON will receive complete ownership of Complytron’s systems as well as its personnel, inclusive of its specialized AML team.
The annual Europas Awards also recognized SEON as the top cybersecurity startup for 2022.