Squirro, an “Augmented Intelligence solutions provider,” has been awarded a contract with the European Central Bank (ECB) to provide insights into risk and the countries that have adopted the Euro. Squirro notes that it is already working with the German Bundesbank and the Bank of England. Also announced, Squirro noted that it has boosted its abilities with the acquisition of US firm open.exchange, an AI provider.
Squirro Insight Engine is designed to improve access to information by connecting all data sources and applying natural language processing and machine learning to deliver information to users at the right time. Users are provided with insights and recommendations to actively assess and mitigate ongoing risk levels.
Dr. Dorian Selz, CEO and co-founder of Squirro, said they are currently working with the world’s biggest banks and regulatory agencies as an Augmented Intelligence provider:
“Our Insight Engine overhauls enterprise access to information, providing relevant and context-based results to improve the efficiency of business processes. In addition, our Risk Insights solution provides more effective risk mitigation, supporting the digital transformation processes in financial services institutions.”
Open.exchange will be integrated with Squirro’s existing applications to form a more robust offering and and is expected to further enhance Squirro’s existing technology. Squirro acquired open.exchange from BuildGroup, a capital investment firm founded by former Rackspace CEO Lanham Napier. As part of the acquisition, BuildGroup has made an investment in Squirro.
“Our growth curve continues to rise sharply, and this acquisition puts us firmly on the map in the U.S.,” continued Dr. Selz. “Open.exchange has a highly complementary proposition to Squirro’s and allows us to expand our technology footprint in an important territory. We have already established a strong U.S. presence, and the acquisition will greatly expand our market reach as demand for AI-derived insights increases.”
Dr. Dorian Selz said the announcement was a landmark day for Squirro.
“To see the organization I co-founded in a position to make a major U.S. acquisition, and win a landmark client such as the ECB, fills me with pride and optimism for our future. We are now better positioned than ever to capitalize on the trend of organizations becoming insights-driven businesses, and we are excited to welcome open.exchange to the Squirro family.”