Recently, the American computer manufacturing company, IBM has acquired the fintech firm Armanta, a provider of aggregation and analytics software to financial services firms.
The Morristown-based firm will now become a part of IBM's Watson Financial Services portfolio that will help in strengthen IBM’s financial risk analytics services. Even though IBM completed and announced the deal on Thursday, the company has not yet revealed how much it paid for Armanta.
The technology platform of Armanta allows financial institutions to quickly aggregate data across multiple systems. Helping users to run different what-if scenarios in a secure environment, Armanta also displays complex analyses in readable formats.
“Over the past two years, Armanta and IBM have worked together to deliver financial risk solutions to clients globally,” IBM’s blog post read. “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.”
This latest step by IBM has increased the investments 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 two of the big names among the charter members of the network that are eagerly waiting to use the IBM’s quantum computing systems for trading, portfolio optimization, asset pricing and risk analysis.
“With this acquisition, IBM will help clients further integrate their risk management practices with another front or back-office functions, while also establishing a common set of data, analytics, and reports for business-wide consistency,” the blog post said.