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: Nokia turnaround since handset unit sale continues

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

Glass maker deals to exit Apple, Arizona plant

1 hour ago

Nearly 2,000 furnaces installed in a factory to make synthetic sapphire glass for Apple Inc. will be removed and sold under a deal between the tech giant and the company that had been gearing up to produce huge amounts of ...

A blue Christmas for Amazon?

11 hours ago

It might be a blue Christmas for Amazon. The world's largest retailer gave a disappointing forecast for the crucial holiday quarter. The company also reported a wider loss than analysts expected for the third ...

User comments : 0