Fitch Group announced today that it is to acquire Algorithmics, a leader in enterprise risk management. The transaction, valued at $175 million, is expected to close in January 2005. The transaction is subject to customary regulatory approvals.Algorithmics, a privately held Canadian-based company founded in 1989, provides some of the most advanced enterprise risk management solutions to financial institutions around the world to help them better understand their financial risk.
Marc Ladreit de Lacharrière, chairman of Fitch, said: "The purchase of Algorithmics is the latest in a series of business and technology initiatives furthering our goal of creating world-class risk management products. This will undoubtedly enhance Fitch's overall value proposition to the market."
Stephen Joynt, president and chief executive officer of Fitch, added: "Together, Fitch and Algorithmics can further the technological development of enterprise risk management solutions, bringing them to a wider array of global organisations.Additionally, Algorithmics' expertise enhances Fitch's core ratings business by extending its quantitative capabilities."
Michael Zerbs, the president and chief operating officer of Algorithmics, said: "By teaming up with Fitch, we join an organisation with a solid reputation for developing high-quality risk and credit analysis. We will continue to focus on producing the best quality enterprise risk management solutions, solidifying our leading market position."
Full coverage of this acquisition will appear in the January edition of Risk.
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