IBM has acquired New Jersey-based FinTech firm Armanta to join its Watson Financial Services portfolio.
Armanta is a provider of aggregation and analytics software to financial services firms.
“Armanta’s technology platform allows financial institutions to aggregate data across multiple systems in near real-time speed. This helps them enhance their management and decision-making and better address regulatory compliance and other market drivers, allowing firms to re-allocate saved capital to innovation initiatives,” IBM wrote in a blog post.
IBM did not say how much it paid for Armanta.
IBM revealed that it has worked with Armanta over the past two years to “deliver financial risk solutions to clients globally. 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 [has] also allowed IBM to rapidly develop new offerings for clients.”
The acquisition will enable IBM to better manage regulatory mandates by using a common aggregation and reporting solution across multiple risk systems. Clients can also use Armanta to build their enterprise reporting solutions on top of existing analytics.
In addition, Armanta provides IBM and its clients with the ability to instantly visualize complex analyses and different scenarios in a secure, sandbox environment.
This is the latest investment for IBM 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 members of the network, using IBM’s quantum computing systems for trading, portfolio optimization, asset pricing, risk analysis and more.
“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 business-wide consistency,” the company added.