May 24, 2012 – Bloomberg LP has acquired the Dublin-based software provider PolarLake and is launching a new enterprise data management (EDM) service to help companies acquire, manage and distribute data across their organizations.
"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 chief executive in a statement. "The Bloomberg Enterprise Data Management business will address those pressures and help companies make their systems more efficient, effective and integrated."
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, said Bloomberg co-founder and global head of Bloomberg's Financial Products and Services.
Mark Pesonen, Global Head of Bloomberg’s Enterprise Products and Solutions told Securities Technology Monitor that PolarLake has two primary business lines; data management software and data integration consulting services. The consulting services help financial firms strategize the best way to acquire, manage and distribute data across their organization.
Moroever, Pesonen said, PolarLake offers domain expertise that is extremely valuable to financial services firms, especially as the volume of data that needs to be acquired, processed and parsed is growing exponentially. “Because PolarLake really understands a financial firms use cases they can help construct how to take all the data sources and map them to the relevant use cases,” he said.
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 security, privacy and permissions for the data it receives. Geller & Co. advised Bloomberg on the transaction.
Pesonen said that Bloomberg sees the move into EDM as “a natural progression of our existing enterprise services offering and the latest evolution in our three decades of technology and market innovation.”
“Traditionally, Bloomberg prefers to build rather than buy, but PolarLake is a best-of-breed company, a good cultural fit, and it offers the products and services that will help Bloomberg meet market demand faster," he said.
This story originally appeared at Securities Technology Monitor.
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