Squirro Supplies European Central Bank with Augmented Intelligence Solution
- Squirro Risk Insights solution delivers contextual insights and recommendations to support supervisors in assessing bank risks
- Squirro also continues global expansion with acquisition of US AI firm open.exchange, and growth equity round
Zürich, February 24th, 2022. Squirro, the Augmented Intelligence solutions provider, has announced a major project with the European Central Bank (ECB), in which Squirro will supply its Insight Engine and Risk Insights solution to the central bank of the 19 European Union countries that have adopted the euro. The ECB contract was awarded in Q4 2021.
Squirro already works with central banks such as the Bank of England and the German Bundesbank.
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.
This is augmented by the Squirro Risk Insights solution which monitors and contextualizes all relevant risk factors. Teams are provided with insights and next-best-action recommendations to help actively assess and mitigate ongoing risk levels.
Thanks to its flexibility and scalability, Squirro is able to shorten the time to value. Depending on the project, the time between contract signing and go-live can be reduced to two weeks.
“We work with some of the world’s biggest and best-known banks and regulatory institutions, confirming our position as a visionary and trusted Augmented Intelligence company,” said Dr. 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 a US startup deal sourcing platform, open.exchange, expanding Squirro’s reach in the US and enhancing its technology offering. Open.exchange will integrate with Squirro’s existing applications to form an even more rounded offering and will further enhance Squirro’s existing technology to increase the speed and flexibility of the platform.
“Our growth curve continues to rise sharply, and this acquisition puts us firmly on the map in the US," continued Dr. Dorian Selz, Squirro. "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 an investment in Squirro, marking the start of a long-term partnership, according to Lanham Napier:
“Squirro is a company that has been demonstrating fantastic potential for growth over the past few years, meeting the increasing demand for insights taken from unstructured data sources,” he said. “Open.exchange is in excellent hands with Dorian and his team, and I am delighted that BuildGroup will play a role in working with Squirro over the coming years.”
“This is a landmark day for Squirro," concluded Dr. Dorian Selz. "To see the organization I co-founded in a position to make a major US acquisition like this, and win a landmark client such as the ECB, fills me with pride and optimism for our future. We are now better positioned than ever to capitalize on the trend of organizations becoming insights-driven businesses, and we are excited to welcome open.exchange to the Squirro family.”
Gloria Fernandez, Marketing Director EMEA & Asia
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Steven Grinberg, Marketing Director North America
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