Themis, a UK-headquartered artificial intelligence (AI) and anti-financial crime services provider, is being offered acquisition candidates following the purchase of Pasabi, CEO and founder Dickon Johnstone said.

Separately, the GBP 41.2m-valued company plans to start a Series A funding round during 1H26.

Technology and data-focused businesses that complement Themis’ deep AI and human-led platform are in play, Johnstone said. Management at the Quadri Ventures-backed company is focused on transactions that either complement its core financial crime and fraud investigations platform or strengthen operations in the cryptocurrency space or the dark web, he added.

Businesses generating up to GBP 10m in revenues are under review, the CEO said. Themis has no geographic limitation when looking at potential acquisitions.

The early-October purchase of Pasabi, a UK-based agentic AI fraud monitoring company, for an undisclosed sum was cited by Johnstone as an example of Themis’ M&A plans. The ever-growing threat of financial crime, which, according to the latest United Nations Office on Drugs and Crime (UNODC) figures, has soared to more than 2.7% of global gross domestic product (GDP), is a deep societal issue that requires urgent action from the public and private sectors.

Themis uses a combination of AI and deep subject-matter expertise to tackle financial crime, in turn providing the company with considerable organic and acquisitive growth opportunities, he explained.

A number of private and private equity (PE)-backed targets operating within the AI and data space have been shown to Themis, with the company interested in hearing about other PE-backed and independent owner-managed opportunities, the CEO said. The target’s mission and culture will be the primary factors in assessing potential candidates, he added.

Deal payments will be handled on a case-by-case basis, he added.

Due diligence matters are handled internally and through an unnamed external legal counsel.

Series A round

Themis plans to undertake a Series A funding round during 1H26 to build on its past successes and current growth pipeline, Johnstone said. The funds generated from the raise would be used to continue its international expansion and AI capabilities, he added, noting it had seen a marked increase in demand from Middle East-based organisations, as well as in the UK and Europe.

Themis’ platform operates globally, he said. Its GBP 41.2m valuation, reached following Quadri Ventures’ investment earlier this month, was calculated using comparable transaction methodology.

Themis’ past growth has seen it approached by the PE, venture capital (VC) and family office communities, with management focused on finding the right partner that accelerates its development rather than a pure-cash play, the CEO noted.

Companies House names Johnstone as a shareholder.

Incorporated in 2018 and headquartered in London, certified B-Corp Themis’ platform leverages AI, machine learning and behavioural analytics to combat money laundering, fraud and other types of financial crime. It also enables its clients to automate services and simplify due diligence processes.

Themis had an average employee count of 34 people during the year ending December 2024, Companies House information shows.

The Pasabi deal immediately strengthened Themis’ AI capabilities, accelerating its product roadmap by several years. The company aims to reduce the deliberate and criminal exploitation of people, businesses and the environment inhabited by criminals and organised crime groups.