Tuesday 24th October, 2017
Coupa Software has acquired substantially all of the assets of San Francisco based Deep Relevance Inc. Deep Relevance uses Artificial Intelligence (AI)-based behaviour and relationship analytics to help identify individual employee and collusive fraud or other suspicious transactions.
The acquisition will help Coupa utilise AI technology to create a fraud profile based on analysing customer and aggregated community data for expenses, purchase orders, and invoices. This profile score and related spend transactions can then be used to alert a company’s internal auditors or finance personnel for further review and action.
“When we created Deep Relevance, we set out to identify fraud faster and cheaper than had been possible in the past. Traditional rules-based systems were missing fraud that we knew AI could find,” said Kiran Ratnapu, founder and CEO of Deep Relevance.
Deep Relevance uses structured and unstructured data from text and images to create risk signals that contain deep, contextual insights. The Deep Relevance AI models then extract information from these signals and include them in the behavioural risk analysis. The system prioritises alerts by dollars-at-risk to focus auditor attention.
Areas of fraud detection include conflict of interest, bidding integrity, sham vendors, fraudulent invoices, inflated expense claims, duplicate expenses, and personal expenses.
“Deep Relevance’s unique application of AI allows us to accelerate our vision of helping customers reduce fraud through Coupa community intelligence,” said Raja Hammoud, senior vice president of products at Coupa. “We’re thrilled to work with the Deep Relevance team to apply state-of-the-art fraud detection algorithms to Coupa’s hundreds of billions of dollars in accelerating cumulative spend under management.”