Finantix has agreed a deal for the acquisition of InCube, a Swiss AI and data science firm for wealth management and insurance.

The Zurich-based company has a number of AI specialists, quant and software engineers, as well as finance experts. These enable data-driven and AI-enabled products for the wealth management and insurance spaces.

Finantix decided on the deal to augment its platform with InCube’s AI, robotic, and cognitive technologies.

In addition, it will gain expertise from InCube’s team and expand Finantix’s presence in both the Swiss and wealth management markets. For InCube, the deal broadens the market access for its products and solutions.

Christine Ciriani, chief commercial officer for Finantix, said: “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. 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.”

Dr. Boris Rankov, co-founder and partner of InCube Group AG, 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.”

Finantix plans to continue expanding across Europe, Asia Pacific and North America.