Finantix, a financial market technology provider to the global financial industries, announced Tuesday it has acquired Zurich-based InCube Group AG, a supplier of AI-enabled products and solutions to wealth management and insurance companies.
In a press release, the technology provider said the acquisition will enable it to strengthen its platform by leveraging InCube’s AI, robotics, and cognitive technologies to its technology solutions, as well as expand its presence in the Swiss and global wealth management and insurance markets.
As part of the deal, InCube’s team will now be joining Finantix’s existing members and will help bolster the latter’s deep industry expertise.
“We are excited to welcome InCube to the Finantix family, enhancing our AI-based insights and personalisation capabilities. This acquisition is a great fit as we share many values and have a common vision,” commented Christine Ciriani, Chief Commercial Officer for Finantix.
“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,” she continued.
Dr. Boris Rankov, Co-founder and Partner of InCube Group AG, also added:
“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 personalised experiences. 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.”
The terms of the deal were not disclosed.