Melbourne start-up buys out AI compliance software firm in first deal

Marketing technology company IntelligenceBank has used the funds raised from its US-based private equity backer Five Elms Capital to make its first buyout, acquiring artificial intelligence-based compliance platform maker Red Marker from professional education giant Kaplan.

The Melbourne-based company’s founder and chief executive Tessa Court said she had been looking for a suitable acquisition target to expand IntelligenceBank’s product offerings and geographic footprint since it banked a $US37 million investment from Five Elms three years ago.