French fintech Linedata acquires AI software developer DreamQuark
Linedata, a Paris-listed financial software vendor serving the investment management and credit industry, is set to acquire the AI engine developer DreamQuark for an undisclosed amount.
Linedata to acquire DreamQuark
The French start-up’s Software-as-a-Service (SaaS) AI engine enables the banking, insurance and wealth management markets of Asia and Europe to determine a “next best action” approach within client advisory services. Previous adaptors of its technology include the British bank NatWest, which partnered with the start-up back in 2019 in an effort to predict financial market patterns.
This engine, including its associated smart document retrieval, ESG data aggregation and compliance capabilities, are to be integrated into Linedata’s existing software stack. This stack currently includes an asset management platform, portfolio monitoring, and workflow solution called Linedata Accumen.
The vendor says this specific combination will serve as “the foundation for the development of new innovative solutions” while also propelling its ambition to “improve management processes for both front and back-office operations” and extending its influence to the “critical sectors” of asset management, insurance and credit.
Timothée Raymond, head of business development at Linedata, says the acquisition “opens new avenues to offer our clients innovative solutions to their business challenges”, backed by the start-up’s “10 years of technological know-how in AI”.
Nicolas Meric, CEO of DreamQuark, adds that its initial post-acquisition remit will focus on connecting Linedata with “high-value solutions based on generative AI” and addressing “the challenges of integrating it into the asset management, insurance and credit sectors”.
