IBM buying Algorithmics for $387 million

Sep 01, 2011
Visitors crowd an IBM stand at an IT fair in Hanover, Germany in March 2011. The US computer giant announced Thursday it is buying Algorithmics, a Toronto-based firm that makes risk analytics software, for $387 million.

US computer giant IBM announced Thursday it is buying Algorithmics, a Toronto-based firm that makes risk analytics software, for $387 million.

The acquisition of Algorithmics by the Armonk, New York-based comes one day after it bought i2, a British firm that makes software for crime and fraud prevention, for an undisclosed amount.

Algorithmics, which has around 900 employees, is a member of the Fitch Group, which is majority owned by Paris-based holding company Fimalac.

It makes for banks, investment and insurance businesses to help them assess risk and address regulatory requirements.

Its clients include The Allianz Group, BlueCrest, HSBC, Nedbank, Nomura, Societe Generale, and Scotia Capital.

"With the combination of IBM and Algorithmics' technologies, companies can measure and assess operational risk associated with lending processes, market and credit risk exposures," IBM said in a statement.

Rob Ashe, general manager of business analytics at IBM, said "today's economic environment demands that have more cash on hand, a better understanding of their financial standing and the ability to deliver more transparency to stakeholders.

"Combining Algorithmics' expertise with IBM's deep analytics portfolio will allow clients to take a more holistic approach to managing risk and responding to economic change across their enterprises," Ashe said.

Explore further: Sony surprises with first quarter profit

add to favorites email to friend print save as pdf

Related Stories

IBM buys Blade Network Technologies

Sep 27, 2010

US computer giant IBM said Monday it has acquired Blade Network Technologies, a California company that makes data switches for computer servers.

IBM security suite sniffs out scammers

May 25, 2006

IBM has enhanced its analytical software to help banks, insurers and other commercial customers foil fraud and money-laundering schemes.

IBM scoops up software maker SPSS in $1.2B deal

Jul 28, 2009

(AP) -- IBM Corp. is bulking up its most profitable division with a $1.2 billion acquisition of business software provider SPSS Inc., a deal that also reflects the power of wealthy technology companies to throw their money ...

Recommended for you

Sony surprises with first quarter profit

4 hours ago

(AP)—Sony Corp. reported a surprise eightfold jump in quarterly profit Thursday as sales got a perk from a cheap yen and its bottom line was helped by gains from selling buildings and its stake in a video-game maker.

Samsung profit falls as smartphone sales slow

4 hours ago

(AP)—Samsung Electronics Co. reported a bigger-than-expected fall in second quarter profit on Thursday and said it was uncertain if earnings from its handset business would improve in the current quarter.

Why let your sales force influence product prices?

Jul 30, 2014

From the outside, you might not notice the ongoing tension within many large businesses: the battle between salespeople, on the one hand, and marketers and product managers, on the other. Because the salespeople ...

User comments : 0