Billionaire’s Tech Firm to Buy BAE Fraud-Detection Arm NetReveal

Technology billionaire Romesh Wadhwani’s artificial intelligence software company agreed to buy BAE Systems Plc’s financial crime detection business, NetReveal.

Terms of the deal weren’t disclosed, but SymphonyAI Chief Executive Officer Sanjay Dhawan said in an interview that it was his company’s biggest to date and would help it sell more software to financial institutions. It’s expected to close this year, he said.

Bloomberg reported in January that UK defense giant BAE, which acquired London-based NetReveal as part of its 2008 purchase of Detica Group Plc, was exploring a sale of the business.

NetReveal develops technology used by ...