LexisNexis Risk Solutions UK Limited, part of RELX, announced it acquired Leeds-based TruNarrative, which it said provides “a cloud-based orchestration platform that detects and prevents financial crime and fraud.”
The value of the deal was not disclosed but is understood to be around £130 million.
TruNarrative will become a part of the business services group of LexisNexis Risk Solutions.
“Founded in 2016 and headquartered in Leeds, UK, TruNarrative enables organisations to manage the entire financial crime lifecycle within a single, unified platform that allows for simplified and automated onboarding, a dynamic risk score and transaction monitoring,” said LexisNexis Risk.
“The platform allows for no-code configuration and rapid integration through one easy and intuitive API, orchestrating smooth customer journeys and enabling a single view of customer risk.
“LexisNexis Risk Solutions uses data, technology, linking and analytics to deliver actionable insights that enable businesses to improve analysis and risk assessment.
“Financial crime compliance solutions from LexisNexis Risk Solutions help companies navigate the increasingly complex regulatory landscape, stay compliant and reduce their risk of fines and reputational damage.
“In addition, fraud and identity solutions from LexisNexis Risk Solutions provide extensive data insights and a seamless platform to help solve fraud and authentication challenges and maximise revenue across every customer touchpoint.”
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.”
TruNarrative founder and CEO John Lord said: “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.”