Searchspace and Semagix merge to form Fortent
Warburg Pincus has acquired anti-money laundering outfit Searchspace and merged the operations with Semagix - a provider of know your customer and due diligence products - to form a new company called Fortent (June 2006)
Fortent will combine SearchSpace and Semagix products to deliver a suite of risk and compliance systems to financial institutions worldwide. The new company says it will satisfy industry demand for a total risk-compliance solution in an otherwise fragmented market.
Searchspace and Semagix will both retain their names as product brands under Fortent.
Commenting on the merger, Jaffee says: "The combination of Searchspace and Semagix is an unbeatable one-two punch in the risk and compliance area."
