Financial service news : Ratings agency S&P Global has signed a deal to acquire Kensho Technologies, a US-based artificial intelligence company for about $550 million.

Kensho Technologies, which was founded out of Harvard University about five years ago, also provides machine learning, and data visualization systems in addition to analytics and artificial intelligence to global banks and investment institutions, and also the National Security community.

The objective of Kensho Technologies is to create and deploy scalable artificial intelligence systems in the most important commercial and government institutions across the world to solve complex analytical problems.

S&P Global acquisition of Kensho Technologies is expected to consolidate the former’s emerging technology capabilities, boost its ability to offer essential, actionable insights for its clients, and also speed up efforts to enhance efficiency and effectiveness of its core internal operations.

For Kensho Technologies, the acquisition by S&P Global is expected to grow the company further and help in its innovations. This will be through the combination of its expertise in machine learning with the deep data sets and global-scale analytics platforms and other strengths of S&P Global.

Commenting on S&P Global acquisition of Kensho Technologies, Douglas Peterson – S&P Global President and CEO, said: “We are thrilled that Kensho will become part of S&P Global as its new class of analytical tools will help us accelerate transformation across our entire company.

“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. Via this acquisition, S&P Global is demonstrating a strong commitment to not just participating in the fintech evolution, but leading it.”

Post-acquisition, Kensho Technologies will continue to operate as a standalone entity in Cambridge, Massachusetts and also stay on as a distinct brand.

Dr. Daniel Nadler – Founder and CEO of Kensho, commenting on S&P Global acquisition of Kensho Technologies, said: “The additional resources of S&P Global, one of the world’s cornerstone data companies, will accelerate Kensho’s research and development of advanced artificial intelligence technologies for both Wall Street and the National Security mission.

“Kensho has assembled one of the most elite artificial intelligence teams in the world, drawing from the scientific community’s leading global research universities.”

S&P Global acquisition of Kensho Technologies is anticipated to be completed by the end of the first quarter or early second quarter, subject to receipt of regulatory approval and satisfying other customary closing conditions.

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