Technology provider Finantix has completed its deal to acquire InCube Group.
The deal brings Zurich-based InCube’s AI-enabled solutions and offerings to Finantix. Those were developed by an interdisciplinary team of machine learning specialists, quant and software engineers and finance experts.
Alessandro Tonchia, co-Founder and head of strategy at Finantix, said: “InCube has outstanding functionalities in wealth management and insurance, which are a perfect fit for the Finantix portfolio. Combining the front office and client engagement capabilities of Finantix with the AI and quant engines of InCube will enable wealth managers and insurers to address two critical areas. First, accelerating the distribution of market views, model portfolios and investment ideas from the Chief Investment Officer to advisers and clients. Second, providing personalised and compliant client recommendations and experiences at scale. Excellence in both processes, delivered through a digital collaboration environment, is especially critical in the current circumstances. In the increasingly data-driven world of financial services, deep expertise in machine learning and advanced analytics, together with a strong understanding of the business challenges they can be applied to, will be key. Finantix will keep investing, organically and inorganically, in this field.”
Dr. Boris Rankov, co-founder and partner of InCube Group AG, said: “AI and data analytics have an increasingly important role to play across all areas of financial services to generate actionable insights and compliant recommendations. We are delighted that our expertise in AI and Finantix’s expertise in banking technology can come together to benefit customers. We believe our offering marries well with Finantix’s integrated digital client engagement and hybrid advisory platform and are excited to bring this to our clients and collectively to the market.”
The deal was announced in March 2020 and Finantix decided on it 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.