S&P Global agrees to buy AI startup Kensho
07 March 2018 | 5925 views | 0
S&P Global has agreed a $550 million cash and stock deal to buy Kensho Technologies, a provider of analytics, AI, machine learning and data visualisation systems to Wall Street banks.
Founded out of Harvard University in 2013, Kensho works with financial institutions and the national security community, using AI to "solve some of the hardest analytical problems of our time".
Built by a team of veteran software engineers with backgrounds at giants including Google and Apple, the firm scored an early investment from Goldman Sachs.
S&P says that the deal boosts its AI, natural processing language and data analytics capabilities, helping it to improve the user experience of its clients.
Douglas Peterson CEO, S&P Global, says: "In just a short amount of time, Kensho's intuitive platforms, sophisticated algorithms, and machine learning capabilities have established a wide following throughout Wall Street and the technology world
Daniel Nadler, founder and CEO, Kensho, adds: "Combining our unique and industry-leading expertise in machine learning with S&P Global's deep data sets, global-scale analytics platforms, essential benchmarks, illustrious reputation, and strong leadership team will allow Kensho to expand and innovate faster, further and in new ways."
S&P Global is paying $550 million, net of cash acquired, in a mix of cash and stock for Kensho, which will continue to operate independently in Cambridge, Massachusetts and remain a distinct brand under Nadler's leadership.