Computer and laptop maker IBM announced last week that it is going ahead with the proposed acquisition of Algorithmics, a firm which specialises in making risk analytics software.
IBM also revealed that the financial transaction involved in the acquisition of the Toronto based firm touched the $387 million mark.
This was the second acquisition by the New York based technology giant within a span just 2 days. It was only the previous day when it had acquired a UK based firm called i2, which specialises in making software for fraud and crime prevention. The amount in that deal remained undisclosed though.
Algorithmics currently has a workforce of near about 900 employees. The company happens to be a member of the Fitch Group, partially owned by the Paris based holding firm Fimalac.
“With the combination of IBM and Algorithmics' analytics technologies, companies can measure and assess operational risk associated with lending processes, market and credit risk exposures,” IBM said in a statement, according to an IOL report.
“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,” Rob Ashe, general manager of business analytics at IBM expressed his opinion on the recent deal.