Algorithmics specialises in risk analytics software and has customers in the corporate sector, particularly in the banking, insurance and investment sectors. It is part of the Fitch Group.
IBM said it had bought the firm to expand its own business analytics presence. Algorithmics’ software is intended to assess risks, meet regulatory requirements and provide data to make better business decisions.
Algorithmics customers include The Allianz Group, HSBC, Nomura, and Societe Generale. Twentyfive of the top 30 banks worldwide are customers, IBM claimed.
The company will slot into IBM’s Business Analytics and Optimisation group, which employs over 8,000 consultants, has 200 mathematicians with a portfolio of 500 patents. The 500 employees of Algorithmics will be under the Big Blue Software Group umbrella.