U.S. IT company IBM decided to acquire Toronto-based risk analytics software firm Algorithmics for $387 million in cash to enhance its financial services capabilities. The acquisition is expected to further expand IBM’s business analytics capabilities by helping clients manage financial risk.
IBM realized that there was significant demand from banks, financial markets and insurance firms for analytical insight, both to improve performance and comply with increased regulation.
Alogrithmics will play a significant role in helping banks produce risk models that is incredibly important to help respond to regulatory pressures. Algorithmics' risk analytics software, content and advisory services are used by banking, investment and insurance businesses to help assess risk, address regulatory requirements and make more insightful business decisions.
IBM in the last of couple of years spent more than $14 billion on 25 acquisitions focused on analytics to help its customers deal with exponentially growing amounts of unstructured data from sources such as social media, biometrics and criminal databases.
IBM on 1 September 2011 also declared its decision to buy British security analytics software firm i2.
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