Ohio-based AML RightSource has received an undisclosed investment from Clarion Capital Partners.
Current shareholders, Frank Ewing and Paul Linehan, will maintain an ownership stake in the company. Following the transaction, Ewing has become the CEO and Linehan has been promoted to president.
The company offers AML, BSA and financial crime solutions through its staff of over 500 professionals, who can support clients on these regulatory tasks. RightSource’s current offerings include transaction monitoring, alert backlog management, enhanced due diligence reviews, and financial crimes advisory services.
Through the partnership, RightSource hopes to align with its banking, financial services and payments customers, as well as attracting new clients, and expanding its staff and internal infrastructure. RightSource plans to add new services and geographies to its offerings.
Ewing said, “This transaction is a natural evolution of AML RightSource’s growth over the last several years. With this partnership, we expect to enhance our current service offerings to meet the needs of our growing customer base. We believe the transaction will allow us to continue on our successful path, which will benefit our employees as well.”
Gabriel Partners were the sole financial advisors to the transaction.
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