Software company snapped up by global analytics giant
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LexisNexis Risk Solutions UK Limited, part of RELX, has acquired Leeds-based TruNarrative, which provides a cloud-based orchestration platform that detects and prevents financial crime and fraud.
TruNarrative, which was founded in 2016 and has about 45 employees, will become a part of the Business Services group of LexisNexis Risk Solutions.
LexisNexis Risk Solutions uses data, technology, linking and analytics to deliver insights that enable businesses to improve analysis and risk assessment.
Its financial crime compliance solutions also help companies navigate the complex regulatory landscape, stay compliant and reduce their risk of fines and reputational damage.
In addition, fraud and identity solutions provide extensive data insights and a platform to help solve fraud and authentication challenges.
Rick Trainor, CEO of LexisNexis Risk Solutions, Business Services, said: “Organisations are seeking solutions that help them comply more easily with evolving regulations and prevent financial crime, so they can focus more on growing their businesses.
“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.
“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.”
John Lord, CEO and founder of TruNarrative, added: “The team at TruNarrative has worked tirelessly over the past four years building the fastest growing SaaS platform for risk and financial crime.
“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.”
London-headquartered RELX is the UK’s 12th largest group by market capitalisation (£43bn) and Europe’s largest media sector company.
In 2000 just 22% of its revenues were digital but last year they represented 87% of sales. RELX now spends $1.5bn/£1.1bn a year on technology and employs about 9,000 tech staff globally, of which about half are software engineers.
RELX has been a serial investor in technology groups around the UK and currently serves customers in 180 countries. It has offices in about 40 countries and employs more than 33,000 people.