Recently IBM has been known for making inroads in to cloud computing and artificial intelligence fields. But now the company has decided that it is time to get its hands deep in the field of financial consultation and is going to acquire prominent financial consultation firm Promontory.
The company announced yesterday that it was going to buy Promontory Financial Group without disclosing the exact terms of the deal.
Promontory was founded by Eugene Ludwig, who was also a close friend of former US president Bill Clinton. It soon became one of the top financial consulting firms emerging after the global financial meltdown of 2008.
However, the firm has also been accused of getting cozy with the banks it is advising rather than providing the objective analysis of their issues and problems.
The IBM has said in a statement that all the 600 employees of Promontory will be used with its existing Watson artificial intelligence platform as well. More importantly Promontory will advise Watson on how IBM’s financial clients can better manage their regulatory obligations and that too with reduced costs.