Finantix, a financial market technology provider, announced on Tuesday its acquisition of InCube Group, a Swiss artificial intelligence (AI) and data science-based solution provider to wealth management and insurance companies.
With the acquisition, Finantix will leverage InCube’s solution to boost its technology services to the wealth management, insurance, and banking industries. Further, it is aiming to broaden its market access with the AI-based solutions in the offering, specifically in the Swiss and global wealth management and insurance markets.
Commenting on the acquisition, Christine Ciriani, the chief commercial officer for Finantix, said: “This acquisition is a great fit as we share many values and have a common vision. First and foremost, a relentless focus on the need of our customers to leverage the growing amount of data available and the drive to transform this into actionable business insights.”
“We believe that, by combining InCube’s AI-based products, deep data science experience and domain expertise with Finantix’s comprehensive offering, our customer-base will benefit from an enriched platform ready to accelerate their innovation capabilities in a data-driven era.”
Per the inked deal, InCube’s existing team will be a part of Finantix and continue the development in AI-based solutions.
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Both the companies, however, did not disclose the amount involved in the deal or the other terms of the deal.
Expanding reach in new markets
The acquisition comes at a time when Finantix is expanding its services across Europe, Asia Pacific, and North America. The company is backed by New York-based investment firm Motive Partners.
“Financial services institutions are dealing with more data than ever before. It is paramount that data is processed in a timely and intelligent manner to generate actionable insights and personalized experiences,” Boris Rankov, co-founder and partner of InCube Group, added.
“We believe our joint proposition will allow us to better execute this vision. Finantix’s enterprise-grade technology, ongoing investment in research and development, and expanding client base across Asia-Pacific and Europe are extremely complementary to our existing products, offerings, and expertise.”