US IT giant IBM is buying risk analytics firm Algorithmics for $387 million. The news comes just days after IBM bought British security data company i2.
The deals, announced on IBM's website, are the latest analytics acquisitions for Big Blue, which has spent over $14 billion on analytics companies in the last five years.
Toronto-based Algorithmics helps banking, investment and insurance businesses, such as HSBC, Societe Generale and Nedbank, assess risk and address regulatory requirements.
i2, which is based in Cambridge, UK, provides intelligence analytics for crime and fraud prevention, helping police and military forces analyze large amounts of data. IBM is buying the company for an undisclosed amount.
The acquisitions reflect the growing need for companies to process and store ever-increasing quantities of data, and IBM is not the only major software company looking to build its share of the data market. In August, Hewlett-Packard bought UK software company Autonomy for $11.7 billion.
Algorithmics, which generated revenues of almost $164 million in 2010, is a member of Fitch Group, majority owned by the Paris-based holding company Fimalac.