TAS Group acquires AI outfit Mantica
TAS Group has acquired 80% of the US company Mantica for some artificial intelligence (AI) and machine learning (ML) capabilities for banking and fintech.
Financial details were not disclosed. According to TAS, it is now controlling the entire capital of Mantica Italia, a firm that specialises in the development of AI and ML models.
The acquisition follows a partnership agreement signed in July 2018 between the pair with the aim of combining Mantica’s expertise and its proprietary platform “Adaptive Intelligence” with TAS’s Fraud Protect solution to create a product for the monitoring and prevention of payment fraud.
“The acquisition of Mantica was the natural consequence of a partnership that led us to develop one of the most advanced solutions in the field of fraud monitoring and prevention globally,” says Valentino Bravi, CEO of TAS Group.
Fraud management is “only the first” of several business domains for Mantica’s Adaptive Intelligence that will have an impact on TAS’ core products roadmap.
TAS explains that additional research is underway to identify solutions in banking aimed at back office operations – such as risk and compliance management, bundling and pricing systems.