SAIGroup Builds on Success in 2022 With Expanded Focus and Capabilities in Enterprise Software and Healthcare
SAIGroup, a private investment firm focused on acquiring software businesses with the potential to become leaders in enterprise AI, has expanded its focus to acquisitions and innovations on a larger scale following a successful 2022. The completion of acquisitions, capital raising events, and the addition of key talent in 2022, have established the groundwork for accelerated growth in 2023 and beyond across healthcare and non-healthcare enterprise AI.
In 2022, SAIGroup portfolio company SymphonyAI, which focuses on enterprise AI SaaS solutions, acquired global financial crime detection leader NetReveal from BAE Systems. SymphonyAI had previously developed and launched the Sensa platform in late 2021, bringing AI-based analytics and insights to financial crime detection. The acquisition of NetReveal brought approximately 200 large global financial services customers to SymphonyAI. These customers will benefit from the transformative integration of the NetReveal and Sensa technology, with the integrated product suite significantly improving the detection of anomalous activity, while materially reducing the number of false positives and optimizing costs for such customers.
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“We are building the largest and fastest-growing enterprise AI companies, with more than 1,600 major customers globally across our current portfolio,” said Pradyut Shah, senior investment partner at SAIGroup. “The NetReveal acquisition represents our expanded focus on transformative platform acquisitions with revenue of $25-150 million. We continue to seek such acquisitions across our various enterprise AI verticals, which include healthcare, life sciences, retail, consumer, financial services, industrials, media, government, and IT operations. We also seek strategic tuck-in acquisitions with $10-50 million of revenue for our existing businesses. In addition to acquiring standalone businesses, we are very comfortable with complex carve-out transactions such as NetReveal. Our strategy, which has proven successful across SymphonyAI and our life sciences and healthcare-focused portfolio company ConcertAI, is to significantly accelerate growth at our acquired businesses through investments in product development, sales, marketing, and AI-driven innovation.”
Continuing the momentum and commitment to healthcare, SAIGroup named Deepthi Bathina as a senior partner in October to launch a new customer-centric AI business that will apply SAIGroup’s advanced technologies and data-driven solutions to improve outcomes and reduce costs for payers and providers. The new platform company will serve as a system of intelligence to deliver proactive and cost-efficient care across the care continuum. Taking an approach similar to SymphonyAI and ConcertAI, the new company will leverage SAIGroup’s Eureka AI technology and capital for investment in innovation and strategic acquisitions.
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“The addition of an executive of Deepthi’s caliber with experience leading major businesses and innovations across Humana, Nuance, and Wolters Kluwer Health boosts our commitment to building out a new healthcare platform. In addition to our continued exciting momentum at ConcertAI, the launch of this new platform company establishes us as the leader in real-world data and enterprise AI for life sciences and healthcare. We advance into 2023 as a private investment firm that is making AI in healthcare a reality at an unprecedented rate and scale,” said SAIGroup senior investment partner Chris Hasslinger. “We have positioned ourselves to be the force catalyzing the transformation of enterprise systems of record into actionable systems of intelligence that drive superior outcomes for our customers.”
During 2022, SAIGroup also raised a senior debt facility at SymphonyAI, which brought in additional capital to fund organic and inorganic growth initiatives. The debt facility was led by JP Morgan and Silicon Valley Bank amid a challenging credit environment, further validating the strength of the underlying fundamentals at SymphonyAI. Earlier in 2022, SAIGroup’s life sciences and healthcare-focused portfolio company ConcertAI announced a $150 million Series C round of financing from Sixth Street at a $1.9 billion valuation. These successful capital-raising events underscore the strong progress and momentum that SAIGroup’s portfolio companies continue to experience heading into 2023.
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