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IBM to acquire Algorithmics |
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IBM has said that it will acquire Algorithmics, a risk analytics software company for $387 million. 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. Algorithmics is a member of Fitch Group, which is majority owned by Fimalac, a holding company based in Paris, France. Founded in 1989, Algorithmics has principal operations in London, England and Toronto, Canada, approximately 900 employees in 23 locations around the globe and more than 350 clients. IBM said the acquisition woild expand its business analytics capabilities for the financial services industry by allowing clients to quantify, manage and optimize their risk exposure across a range of financial risk domains, including market, liquidity, credit, operational and insurance as well as economic and regulatory capital. Algorithmics risk analytics software and services along with IBM's acquisition of OpenPages and other recent investments in predictive analytics will provide clients with the broadest range of business analytics solutions, the company said. Over 350 clients, including 25 of the top 30 banks and more than two-thirds of the CRO Forum of leading insurers, use Algorithmics analytics software and advisory services, the statement said. Clients include The Allianz Group, BlueCrest, HSBC, Nedbank, Nomura, Societe Generale, and Scotia Capital. Algorithmics risk advisers will add to IBM's Business Analytics and Optimization practice, which has a team of over 8,000 consultants including 200 mathematicians with over 500 patents and a network of analytics solution centers, backed by an overall investment of more than $14 billion in acquisitions in the last five years. IBM said Algorithmic's focus on credit, market and liquidity risk, as well as key customers in operational risk, will strengthen and expand its risk consulting services. Around 900 Algorithmics employees will join IBM's Software Group with this acquisition, in the Business Analytics division led by Rob Ashe, General Manager, and will work closely with IBM’s Global Business Services Business Analytics Optimization practice, led by Fred Balboni, Global Leader. The transaction is subject to regulatory and customary closing conditions. |
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