IBM announced on Friday that it is finally done with the acquisition of Algorithmics -- the Canadian-based risk management software maker.
The cost of the acquisition, previously announced by the company, was said to be somewhere around the $380 million. This happens to be recent move taken by the multinational technology giant to expand its analytic software portfolio.
In the last 5 years, IBM has spent over $14 billion to acquire analytic and business intelligence software outfits. Alogrithmics products are primarily used by organisations such as insurance companies, banks, pension funds, as well as other financial services.
"Integrated risk management continues to be a challenge across insurance and financial services industries as data grows in complexity and new regulations continue to be introduced," said Rob Ashe, IBM's general manager for Business Analytics, in a statement to Information Week.
Algorithmics currently has operations in 20 global locations. IBM also revealed that it was looking forward to merging the 900 strong Algorithmics workforce to its software business wing, Business Week reports.