National police agency in APAC deploys Cognyte’s unique AI solution and strengthens its financial investigation capabilities to tackle the growing challenges of illicit cryptocurrency activities
HERZLIYA, Israel--(BUSINESS WIRE)--Cognyte Software Ltd. (NASDAQ: CGNT) (“Cognyte”), a global leader in investigative analytics software, today announced a new subscription-based deal exceeding half a million dollars annually with a longstanding law enforcement agency customer in the Asia-Pacific (APAC) region. The national police agency is growing its Cognyte portfolio by adding Cognyte’s unique blockchain analytics solution designed to accelerate cryptocurrency investigations and combat crime.
With illicit cryptocurrency transactions surpassing $24 billion worldwide, bad actors around the globe are increasingly using cryptocurrencies to bypass economic regulations. The sophistication of these crimes and techniques continues to evolve, requiring law enforcement agencies to stay ahead of these challenges.
Cognyte’s unique solution empowers the agency’s criminal investigation unit to detect crypto-based criminal actors independently of cryptocurrency exchanges. By leveraging blockchain intelligence, AI, machine learning and intelligence techniques, the advanced technology enables investigators to uncover hidden insights within blockchain data and unmask criminals conducting suspicious cryptocurrency transactions to fund organized crime, cybercrime, terror and money laundering.
“As a trusted partner we understand that longstanding customers are challenged with new use cases in growing domains like cryptocurrency, and our rich portfolio aims to meet their needs,” said Efi Nuri, Chief Revenue Officer at Cognyte. “Cognyte’s advanced blockchain analytics helps to de-anonymize hidden transactions within financial investigations and mitigate the harm caused by criminal enterprises exploiting cryptocurrency networks for growing use cases like terrorism funding and Darknet market illicit activity. The customer will gain blockchain intelligence that was previously unattainable, empowering their investigators to safeguard the integrity of their digital financial ecosystems and bring criminals to justice.”
Law enforcement agencies and financial crime units worldwide can leverage Cognyte’s solution to combat illicit cryptocurrency activities, including cybercrime, organized crime, trafficking and money laundering. Cognyte’s industry-leading capabilities enable agencies to fast-track investigations, confiscate cryptocurrencies tied to illegal activities, return stolen funds and assets to victims, and remove bad actors from cryptocurrency ecosystems handling trillions of dollars in annual trading volumes.
About Cognyte Software Ltd.
Cognyte Software Ltd. is a global leader in investigative analytics software that empowers a variety of government and other organizations with Actionable Intelligence for a Safer World™. Our open interface software is designed to help customers accelerate and improve the effectiveness of investigations and decision-making. Hundreds of customers rely on our solutions to accelerate and conduct investigations and derive insights, with which they identify, neutralize and tackle threats to national security and address different forms of criminal and terror activities. Learn more at www.cognyte.com.
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Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” “views,” and similar expressions.
Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, the impact and contributions of the slate of director nominees Cognyte has nominated, the projected growth of Cognyte’s business, and Cognyte’s ability to achieve its financial and business plans, goals and objectives and drive shareholder value, including with respect to its ability to successfully implement its strategy, and other risk factors discussed from time to time in Cognyte’s filings with the SEC, including those factors discussed under the caption “Risk Factors” in its most recent annual report on Form 20-F, filed with the Securities and Exchange Commission (“SEC”) on April 9, 2024, as amended on April 19, 2024 and in subsequent reports filed with or furnished to the SEC. Cognyte assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today’s date.
Contacts
Media Relations:
Michelle Allard McMahon
Rainier Communications on behalf of Cognyte Software
prcognyte@rainierco.com