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The
acquisition is subject to applicable regulatory clearances and other
customary closing conditions. With the closing of this acquisition,
approximately 900 Algorithmics employees will join IBM's Software Group,
IBM said in a statement.
"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," IBM General Manager
(Business Analytics) Rob Ashe said.
Algorithmics Website Look |
Risk analytics, software, content and advisory services of Algorithmics, a member of Fitch Group, are used by banking, investment and insurance businesses to help assess risk, address regulatory requirements and make more insightful business decisions.
Algorithmics'
risk analytics, software and services combined with IBM's acquisition
of OpenPages and recent investments in predictive analytics will provide
clients with the broadest range of business analytics solutions, IBM
said.
More than 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,
IBM said.
The clients include The Allianz Group, BlueCrest,HSBC, Nedbank, Nomura, Societe Generale, and Scotia Capital.
Craig Hayman, general manager of industry solutions at IBM, said:
“IBM’s goal is to better equip public safety officials and businesses
with the information and tools they need to ensure safer cities."
“The combined capabilities of IBM and i2 will help customers uncover
patterns and trends that will allow them to more effectively protect the
privacy and safety of citizens, businesses and governments.”
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