Australian technology firm RuleBurst has added to its financial crime portfolio with the purchase of FraudSight, the firm announced earlier this month.

The stock and cash transaction to acquire Canberra-based FraudSight broadens RuleBurst’s product range, adding to the GRC system Oasis and its flagship product RuleBurst. The firm has created a new financial crime division to house FraudSight’s staff, products and services.

Matthew Perrin, RuleBurst’s chairman, said the purchase will give the firm a foothold in the burgeoning market combating financial crime, fraud and money laundering, and allow it to extend its offerings to existing clients.

“Financial crime is one of the fastest growing global industries and all financial, corporate and public sector organisations are now faced with the challenge of minimising risks while maintaining customer service and confidence levels,” Perrin said. “RuleBurst has already engaged with a number of these organisations to build compliance solutions which prevent, detect and cure breaches in regulation, policy and rules. Adding Fraudsight’s quantitative analytics now allows us to extend our offering to find patterns in data or changes in behaviour that no one has previously thought to look for.”

According to RuleBurst, FraudSight has detected in excess of $100 million in fraud over the past two years. Indeed, the firm already provides its technology to three Australian banks, including Commonwealth Bank of Australia, which implemented FrauudSight for online fraud recently.

RuleBurst will now integrate its natural language platform with FraudSight’s data analytics and neural networking. FraudSight CEO Peter O’Hanlon, who becomes director of financial crime solutions at RuleBurst, said the acquisition will mean broader service for clients.

“FraudSight is proud to join forces with RuleBurst, a rapidly expanding Australian company with proven technological expertise and a global customer base,” he said. “The acquisition means FraudSight will be able to offer its existing customers a broader reach of services as well as greater depth of expertise drawn from resources in Australia and overseas.”