Bloomberg buys Irish tech firm PolarLake, rolls out new data service
Global financial news service Bloomberg has acquired Dublin-based semantic web software company PolarLake for an undisclosed sum. As a result, Bloomberg is launching a new enterprise data management (EDM) service for its customers.
PolarLake is a leader in applying semantic web and big data technologies to the data challenges of the leading financial services firms in the world. The PolarLake Platform enables these firms to acquire, manage and distribute financial and reference data with speed, agility and control never before seen with traditional approaches.
The new EDM service from Bloomberg will help companies acquire, manage and distribute data across their organisations.
"Our customers are looking to find new ways to reduce the cost of managing data while adhering to increasing regulatory requirements for transparency," said Dan Doctoroff, Bloomberg president and CEO.
"The Bloomberg Enterprise Data Management business will address those pressures and help companies make their systems more efficient, effective and integrated."
What is EDM?
EDM is the process by which a firm manages reference data through its entire supply chain: how it acquires, shares, cleanses, manages, owns and distributes data to all users.
Bloomberg's new EDM unit, with the addition of PolarLake, will allow firms to increase their efficiency by better managing high volumes of data from multiple sources, either third parties or proprietary sources.
"The PolarLake purchase is a strong signal to the marketplace that Bloomberg intends to be a leader in the enterprise data management business," said Thomas Secunda, Bloomberg co-founder and Global Head of Bloomberg's Financial Products and Services.
PolarLake will become a wholly owned subsidiary of Bloomberg, but will operate as an independent business unit. It will have separate facilities and operations staff, so it can provide the highest levels of security, privacy and permissioning for the data it receives.
Geller & Co advised Bloomberg on the transaction.
"This deal is a game changer for us, Bloomberg, and the enterprise data management industry," John Randles, CEO of PolarLake, said.
“The synergy of our technology and Bloomberg's 30 years of experience creates a one-of-a-kind EDM service that addresses regulatory, economic and operational needs," Randles added.