Enterprise security intelligence company Recorded Future has acquired fraud analytics provider Gemini Advisory for $52m, in a move intended to bolster the Boston-based firm’s dark web services.

Gemini Advisory will continue to operate as an independent business within Recorded Future’s corporate structure.

Founded in 2017, Gemini provides service such as dark web brand monitoring, criminal alerts and mitigation consultancy. It said that its team has “spent years in undercover operations”, which includes consultancy work for the FBI’s cybercrime division.

The aim is for this to complement Recorded Future’s existing automated data collection and human analysis of cyber threats, which it provides for more than 1,000 clients globally. These include Verizon, Accenture and the US Cyber Command.

Its existing segments include SecOps Intelligence, Threat Intelligence, Brand Intelligence, Vulnerability Intelligence, Third-Party Intelligence, and Geopolitical Intelligence.

Recorded Future said Gemini Advisory’s platform would be added to its new Fraud Intelligence division.

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By GlobalData

“Recorded Future mirrors [our] approach across other cybersecurity solution areas, with intelligence at the foundation of both of our businesses,” said Andrei Barysevich, CEO and co-founder, Gemini Advisory. “This common core is what makes a partnership with Recorded Future the right next step in our evolution.”

The companies did not state when the cash and equity transaction is expected to complete.

“In a short time, Gemini Advisory has become a leader in the fraud space with unique offerings in both payment card intelligence and merchant fraud intelligence,” said Dr Christopher Ahlberg, CEO and co-founder of Recorded Future. “As we continue to execute on our mission to deliver a modular intelligence platform, joining forces with Gemini Advisory expands the value we deliver for customers across enterprise security and fraud.”

Ahlberg told Fortune that Barysevich was a former head analyst at Recorded Future before leaving to found Gemini Advisory, making the acquisition a reunion of sorts.

In 2019 US venture capital and private equity firm Insight Partners acquired a controlling interest in Recorded Future in a deal that valued the company at $780m.

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