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Java IoT: Article

IBM Buys Algorithmics for $387 Million

The deal should close by the end of October

IBM is buying Algorithmics, the Toronto-based risk analytics firm, for $387 million cash.

Its services are used by 350 banks, investment and insurance businesses such as Allianz, HSBC, Nomura and Société Générale.

The money will go to the Fitch Group, the credit ratings agency majority owned by Fimalac, the Paris holding company.

The acquisition will add 900 people to IBM's Software Group.

Blue's business analytics and optimization team, the result of $14 billion spent on 25 acquisitions the last five years, currently has more than 8,000 consultants including 200 mathematicians with more than 500 patents.

IBM means to pair Algorithmics, which had revenues of $163.7 million last year, with the compliance and risk management technologies it acquired from OpenPages.

The deal should close by the end of October.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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