Nice to acquire Fortent for $73.5 million
01 September 2009 | 5314 views | 0
Israeli digital recording firm Nice has acquired anti-money laundering outfit Fortent for $73.5 million in cash.
The deal creates a powerhouse in the analytics-driven financial crime and compliance market as Fortent is combined with Nice subsidiary Actimize.
With limited overlap in customer base and complementary analytics technology, Actimize clients will now include the majority of the world's largest banks and all top ten global banks. The combined group is expected to generate revenues in excess of $100 million in 2010.
Sandy Jaffee, chairman and CEO at Fortent, comments "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."
In an e-mailed statement on the ramifications for the installed user base of both companies, Actimize says it will "integrate both companies' platforms...while continuing to invest in existing products and clients during the integration process".