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Squirro signs European Central Bank; sets sights on US with open.exchange acquisition

Squirro signs European Central Bank; sets sights on US with open.exchange acquisition

Follwing landmark deals with the Bank of England and German Bundesbank, Squirro has unveiled the European Central Bank as the latest client for its augmented intelligence toolkit.

The Squirro Insight Engine improves access to information by connecting all data sources and applying natural language processing and machine learning to deliver the right information to users at the right time.

Dorian Selz, CEO and co-founder of Squirro. “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.”

Squirro is also announcing the acquisition of US startup deal sourcing platform open.exchange, expanding the company's reach in the US and rounding out its technology offering.

“Our growth curve continues to rise sharply, and this acquisition puts us firmly on the map in the US," continues 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 US presence, and the acquisition will greatly expand our market reach as demand for AI-derived insights increases."

Squirro acquired open.exchange from BuildGroup, the capital investment firm founded by former Rackspace CEO Lanham Napier. As part of the acquisition, BuildGroup has made a $4 million investment in Squirro.

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