IBM buys fintech Armanta
IBM has acquired the fintech firm Armanta, a provider of aggregation and analytics software to financial services firms.
The Morristown, N.J., firm will become part of IBM's Watson Financial Services portfolio and strengthen the buyer's financial risk analytics services. IBM, which completed and announced the deal Thursday, did not say how much it paid for Armanta.
Armanta's technology platform allows financial institutions to quickly aggregate data across multiple systems. Financial firms use this service to enhance decision-making, regulatory compliance and other functions, IBM said in a blog post Thursday. Armanta also displays complex analyses in readable formats and allows users to run different what-if scenarios in a secure environment.
“Over the past two years, Armanta and IBM have worked together to deliver financial risk solutions to clients globally,” the blog post said. “The combination of IBM’s and Armanta’s technology and expertise has allowed IBM to deliver new offerings that have already been adopted in the market. Armanta technology has not only enhanced our existing solutions but also allowed IBM to rapidly develop new offerings for clients.”
The move is the latest in IBM’s increased investment in financial services technology solutions. Last year, it established a quantum computing network to help financial firms assess risk management. JPMorgan Chase and Barclays are among the charter members of the network, looking at using IBM’s quantum computing systems for trading, portfolio optimization, asset pricing and risk analysis, among other things.
“With this acquisition, IBM will help clients further integrate their risk management practices with other front- or back-office functions, while also establishing a common set of data, analytics and reports for businesswide consistency,” the blog post said.