The UK's DST International (DSTi) has acquired risk management software vendor Askari, a business unit of State Street Corporation, for an undisclosed amount.
New York-based Askari has clients in the US, Canada, France, Sweden, China, Ireland and Singapore. The firm's risk mangement technology is delivered as either an in-house solution or ASP and provides configurable investment risk analytics across all asset classes.
As part of the deal, DSTi will acquire Askari's New York and Paris operations and Askari staff in Boston, London and Singapore will transfer to local DSTi offices.
Surrey-based invesment management solutions firm DSTi says the acquisition will enable its clients to access advanced risk measurement tools without major investments in systems infrastructure and data management.
Eric Reichenberg, president, Askari, adds: "By combining DSTi's HiPerformance, HiReporting and Open Data Warehouse technology with Askari's risk capabilities DSTi clients will now have a more comprehensive solution available that combines risk analytics with performance measurement and high-end reporting."
DSTi plans to rename Askari's product HiRisk, to fit in with its standard naming conventions.
State Street says it will continue to use and support Askari's products.