Big Blue, aka IBM announced the acquisition of IBM today for $387 million,subject to price adjustments at closing this morning. Toronto-based Algorithmics was founded in 1989 and acquired by the Fitch Group in 2005 for $175 million. Algorithmics develops risk analytics software, content and advisory services that is used by banks, investment and insurance businesses. More than 350 clients, including 25 of the top 30 banks and more than two-thirds of the CRO Forum of leading insurers, use Algorithmics’ analytics software and advisory services. Clients include The Allianz Group, BlueCrest, HSBC, Nedbank, Nomura, Societe Generale, and Scotia Capital.
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