Compliance platform provider Steele Compliance Solutions has acquired TransparINT, a leading technology company harnessing artificial intelligence (“AI”) technology to provide the next generation of compliance tools.
TransparINT’s negative news monitoring application uses machine learning and natural language processing (“NLP”) to filter vast quantities of unstructured data from millions of sources to identify risk potential efficiently. This acquisition creates an unprecedented combination of software technology and human + artificial intelligence, all designed to deliver an industry-leading set of compliance and risk mitigation tools.
TransparINT’s proprietary AI engine harnesses over 5 million sources to compile risk records on over 43 million entities and individuals across 120 countries. As the most comprehensive risk profile database in the industry, TransparINT enables compliance officers to far more accurately and efficiently make risk decisions than those relying on conventional data searches or databases.
“As the role of compliance officers continues to expand, they are increasingly looking to technology as a means of effectively managing the expanding regulatory requirements they face globally,” said Eric Lochner, CEO of Steele, a portfolio company of Bregal Sagemount. “Steele sees the combined role of technology, human intelligence and employee training as the future of enhanced compliance. The addition of TransparINT’s market-leading artificial intelligence coupled with Steele’s software and investigation expertise will give our clients the resources they need to proactively address changing regulatory and reputational risks”.
“We are thrilled to broaden the reach of our capabilities and to be joining the Steele family,” said Keith Graham, CEO of TransparINT. “With TransparINT’s deep experience with Financial Institutions coupled with Steele’s breadth of experience with large global corporations, we can continue to innovate best-in-class products for the broader compliance community.”