Actimize acquires Fortent

Purchase establishes Actimize as the world's largest risk and financial crime solutions provider

NEW YORK - Actimize, a Nice Systems Company, has announced its $73.5 million acquisition of Fortent, the New York-based provider of modern statistical-based anti-money laundering and financial crime solutions to financial institutions.

The acquisition establishes Actimize as the industry's largest and broadest risk and financial crime solutions provider. Under the terms of the agreement, Nice will be acquiring Fortent's compliance and risk management business. Fortent will become part of Actimize, which continues to operate as a wholly owned subsidiary of Nice, with the Fortent team becoming an integral part of Actimize.

This is a significant move in the financial services market as anticipated regulatory changes, increased pressure from organised crime and internal cost-cutting push institutions to implement enterprise-wide financial crime technology platforms instead of a point-to-point solutions.

Following the acquisition, the majority of the world's largest banks and all top 10 global banks will use Actimize to address financial crime. Actimize clients today include Bank of America, Citi, Lloyds TSB and MasterCard while Fortent's include Barclays, Co-operative Bank, JP Morgan Chase, Mizuho, Royal Bank of Scotland and Scotiabank.

Actimize will integrate both companies' platforms to create the strongest available financial crime product suite for both the retail and capital markets, while continuing to invest in existing products and clients during the integration process.

"Actimize has established its clear leadership position in the financial crime market, compliance and real-time fraud prevention market," says David Sosna, chief executive officer of Actimize. "Fortent has built a strong technology and business throughout the years, with a top-tier financial services client base. We are extremely excited about the combination of Actimize and Fortent and believe our customers and partners will benefit given the breadth and depth this acquisition brings to Actimize's financial crime, compliance and risk management platform."

Sandy Jaffee, chairman and chief executive officer at Fortent, says: "The Fortent team is extremely excited to join forces with Actimize. Together, we are creating the industry's number one provider of sophisticated financial crime solutions in a fragmented market that required a leader with proven comprehensive technology and domain expertise to support the financial services market."