International Business Machines Corp. has agreed to buyAlgorithmics, a supplier of risk analytics software, for $387million.
|The purchase will add 900 employees to IBM's team of more than8,000 consultants in the business analytics unit, Armonk, NewYork-based IBM said in a statement today. Algorithmics, based inToronto, is a member of Fitch Group, which is majority owned byParis-based holding company Fimalac SA.
|IBM said its analytics offerings are backed by more than $14billion spent on acquisitions in the past five years, includingOpenPages Inc., a maker of compliance and risk management systems.IBM has forecast its business analytics and optimization activitieswill reach $16 billion in revenue by 2015 as companies sift theirdata for insights. Chief Executive Officer Sam Palmisano last yearsaid he would spend $20 billion on acquisitions within fiveyears.
|“Combining Algorithmics' expertise with IBM's deep analyticsportfolio will allow clients to take a more holistic approach tomanaging risk and responding to economic change across theirenterprises,” said Rob Ashe, IBM's general manager of businessanalytics.
|Bloomberg News
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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