Algorithmics Inc.
Algorithmics was a Toronto, Ontario based company founded by Ron Dembo that provided risk management software to financial institutions. Founded in 1989, Algorithmics employed over 850 people in 23 global offices,[1] and served more than 350 clients, including 25 of the 30 largest banks in the world, and over two thirds of the CRO Forum of leading insurers.
| Founded | 1989 |
|---|---|
| Defunct | 2019 |
| Successor | SS&C Technologies |
| Headquarters | , |
Area served | Worldwide |
| Products | Enterprise risk management |
Number of employees | 900 |
| Parent | Fitch Group 2005-2011 IBM 2011-2019, SS&C Technologies 2019-now |
| Website | algorithmics |
In January 2005, Algorithmics was acquired by Fitch Group for $175 million, which is also the parent company of Fitch Ratings.[2]
In October 2011, Algorithmics was acquired by IBM for $387 million.[2] IBM OpenPages and Algorithmics will be combined to form a new Risk Analytics pillar within the Business Analytics software division.
Algorithmics was voted as the leading enterprise risk firm for market risk, economic capital risk calculation, risk dashboards and collateral management in Risk magazine's 2010 Technology Rankings. Algorithmics was also selected as the best Risk Analytics Solution Provider in Waters magazine's annual financial technology rankings. In 2011, Algorithmics won the Life and Pension Risk award for Best Solvency II provider. In 2007, Algorithmics was selected as one of Canada's Top 100 Employers, as published in Maclean's magazine.[3]
In December 2019, SS&C Technologies acquired Algorithmics from IBM for $88.8 million.[4][5][6][7]
See also
References
- "Algorithmics: Global Leader in Risk Management Boasts Strong Canadian Roots". Archived from the original on 2012-03-20. Retrieved 2011-08-20.
- "Algorithmics, Inc.", Hoover's
- "Reasons for Selection, 2007 Canada's Top 100 Employers". Archived from the original on 2012-08-01. Retrieved 2007-07-13.
- "SS&C to Acquire Algorithmics Assets from IBM". www.ssctech.com. Archived from the original on 2019-09-25. Retrieved 2019-09-25.
- Hubler, David (September 1, 2011). "IBM brings another analytics company under Big Blue umbrella". Washington Technology. Retrieved 2020-02-06.
- "SS&C to Acquire Algorithmics from IBM". FinSMEs. 2019-09-26. Retrieved 2020-02-06.
- "SS&C's annual 10-K form for 2019".
- A Program to Keep Tabs on Derivatives, The New York Times
- PeopleSoft And Algorithmics Partner On Risk Management, Informationweek
- Risk Vendor Algorithmics Acquired By Fitch, Informationweek
- Risky Business, Fast Company
- Countering The Domino Effect, US Banker: "According to this accepted view, the top-tier vendors are: Algorithmics Inc., Toronto; Infinity Financial Technology Inc., New York; and MKIRisk"