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: Court halts ridesharing service Uber in Germany (Update)

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

Netflix unveils new way to share recommendations

12 hours ago

Netflix is giving its Internet video subscribers a more discreet way to recommend movies and TV shows to their Facebook friends after realizing most people don't want to share their viewing habits with large ...

Job listing service ZipRecruiter raises $63 million

Sep 01, 2014

ZipRecruiter, a California start-up that tries to simplify tasks for recruiters, has raised $63 million in initial venture capital funding as the 4-year-old service races to keep up with growing demand.

User comments : 0