SEON, a Budapest-based anti-fraud platform, has announced the acquisition of Complytron, a compliance and anti-money laundering (AML) specialist firm also based in Budapest. The deal, which is said to be worth around €2.5 million according to Techcrunch sources, will bring Complytron's co-founder and CEO Oliver Lebhardt and UX lead Abris Gryllus on board at SEON. The acquisition will give SEON's fraud-fighting platform AML capabilities and enable it to offer a wider range of anti-fraud and AML services.
SEON, which raised a $94 million Series B funding round last year led by Silicon Valley-based IVP, has claimed that the acquisition of Complytron will eliminate the need for separate searches across different AML databases, such as international sanctions lists, watch lists of supervisory authorities, and crime lists.
Tamas Kadar, co-founder, and CEO of SEON, said in a statement: "Less than a year after our $94 million Series B, we're executing our mission to fight fraud and combat money laundering... Rather than building an AML solution from the ground up, it made perfect sense for us to acquire Complytron's extensive and innovative algorithms and worldwide databases—as well as the expertise of its talented team.
Complytron's CEO, Oliver Lebhardt, added: "We've watched the SEON story unfold, keeping up with the business alongside its exciting growth trajectory. "It's now great to be a part of the mission and to play a role in combining fraud prevention and AML tools into a single source." As part of the deal, SEON will acquire full rights to Complytron's technologies, including its dedicated AML team.
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