Midcap Financial provided the financing for the investment.
The financial terms of the deal were not disclosed. Following the investment, current shareholders of AML RightSource, Frank Ewing and Paul Linehan, will maintain an ownership stake in AML RightSource and will lead the business in partnership with Clarion. As part of it, Mr. Ewing has been promoted to CEO, and Mr. Linehan to President.
The new partnership will enable AML RightSource to align more closely with its customers in the banking, financial services and online payments industries, pursue new customers, and invest in its employees and internal infrastructure and to add new services and geographies.
Headquartered in Cleveland, with additional facilities in Hudson, Ohio and Phoenix, Arizona, the company provides AML/BSA and Financial Crimes co-sourcing solutions via over 500 AML/BSA professionals and subject matter experts to its clients. Its services include transaction monitoring, alert backlog management, enhanced due diligence reviews, and financial crimes advisory services.
AML RightSource is a Gabriel Partners company.