S&P Global has agreed to acquire Kensho Technologies in a deal worth around $550m in a mix of cash and stock.
Through the acquisition, Kensho will strengthen S&P Global’s emerging technology offerings and boost its ability to provide actionable insights for clients. Following the deal, Kensho will continue to operate independently in Massachusetts and stay as a ‘distinct brand.’
Kensho develops machine learning and analytics for financial institutions and the national security community. The company uses its analytics software to help simplify data analytics and bolster its use.
Some of the company’s clients include Goldman Sachs, JP Morgan, Bank or America Merrill Lynch, Morgan Stanley, and Citi.
S&P Global provides transparent and independent ratings, benchmarks, analytics and data to the global capital and commodity markets.
S&P Global president and CEO Douglas Peterson said, “In just a short amount of time, Kensho’s intuitive platforms, sophisticated algorithms, and machine learning capabilities have established a wide following throughout Wall Street and the technology world. Via this acquisition, S&P Global is demonstrating a strong commitment to not just participating in the fintech evolution, but leading it.”
Last year, S&P Global launched a FinTech venture investment programme which was used for this investment. Other FinTechs backed include data technology platforms Algomi and Ursa. The company is also looking to acquire Panjiva, a technology developer for datasets covering the global supply chain.
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