Squirro acquires the US startup deal sourcing platform, open.exchange from BuildGroup. As part of the acquisition, BuildGroup has made an investment in Squirro. With the transaction Squirro expands its reach in the US and enhances its technology offering.
Squirro’s Insight Engine enable organisations to unsilo, connect, and synthesize all data types and generate highly valuable information. Customers include global organizations, primarily in the Financial Services, Insurance, Telecommunications, and Manufacturing industries such as Standard Chartered, ING, Deutsche Bundesbank or Radicant.
To expand the reach in the US and to enhance its technology offering Squirro has acquired the startup deal sourcing platform, open.exchange. Open.exchange will integrate with Squirro’s existing applications to form an even more rounded offering and will further enhance Squirro’s existing technology to increase the speed and flexibility of the platform.
Squirro acquired Austin-based open.exchange from BuildGroup, the capital investment firm founded by former Rackspace CEO Lanham Napier. As part of the acquisition, BuildGroup has made an investment in Squirro, marking the start of a long-term partnership.
In addition, Squirro announced a major project with the European Central Bank (ECB), in which Squirro will supply its Insight Engine and Risk Insights solution to the central bank of the 19 European Union countries that have adopted the euro. The ECB contract was awarded in Q4 2021.
“This is a landmark day for Squirro," said Dr. Dorian Selz, , CEO and Co-Founder of Squirro. "To see the organization I co-founded in a position to make a major US acquisition like this, 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.”
(Press release / SK)
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