Wayne-based QuantaVerse, maker of AI that tracks risky financial transactions, has been acquired by AML RightSource, writes Jeff Blumenthal for Philadelphia Business Journal.

The platform looks for patterns and discerning anomalies to reduce financial crime risk. Often, those anomalies are missed.

The platform also reduces false positives and speeds up investigations.

QuantaVerse was featured in a documentary from The Economist showing how its software helped track down human traffickers.

QuantaVerse, founded in 2014, has doubled its client base to over two dozen since 2018.

AML RightSource is a Cleveland-based professional services firm specializing in Anti-Money Laundering  and financial crimes compliance needs.

AML RightSource was looking to add a strong technology component to its operation.

QuantaVerse is its fifth acquisition this year.

“They are the premier company in the managed services space,” said founder and CEO David McLaughlin. “They needed our technology. They sought us out. I wasn’t looking to sell but we had such a good conversation and there was a strategic and cultural fit. So we continued the conversation. And I felt good about how this would impact investors and employees and feel like it is a home run for clients.”

Read more at Philadelphia Business Journal about the acquisition of QuantaVerse.

CEO David McLaughlin gives a presentation on QuantaVerse’s AI approach to tracking human traffickers.