IBM to buy Algorithmics for $387 million

Reuters News
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Posted: Sep 01, 2011 3:08 AM
IBM to buy Algorithmics for $387 million

(Reuters) - U.S. IT company IBM said it was buying Toronto-based risk analytics firm Algorithmics for $387 million.

IBM said the deal expanded its business analytics capabilities in the financial services industry by helping clients to manage financial risk.

About 900 Algorithmics employees will join IBM's software group.

Algorithmics is a member of Fitch Group, majority-owned by Fimalac, a holding company based in Paris.

On Wednesday, IBM said it was buying British security analytics software firm i2 for an undisclosed sum, as it continues to acquire companies that can help its clients deal with growing mountains of data.

(Reporting by Soham Chatterjee in Bangalore; Editing by Dan Lalor)