BlackRock, Inc. (NYSE: BLK), based in NYC, is a global leader in investment management, risk management, and advisory services for institutional and retail clients and the world’s largest asset manager with $5.4 trillion in assets under management. They are set to make their second technology investment this month as they entered a deal to acquire Cachematrix, a software company that helps businesses invest their cash, supporting around $200 billion in client assets including big banks such as Bank of America and Morgan Stanley.
Cachematrix builds a software tool that banks can provide to corporate treasurers managing the cash and short-term debt they hold. The Cachematrix acquisition is part of BlackRock’s strategy to invest in scalable technology solutions that leverage its global platform for the benefit of clients and shareholders.
This marks the second investment Blackrock has made in this month, as just earlier in the month, Blackrock made its first push into Europe's "robo-advice" market on Tuesday after taking a stake in Anglo-German digital investment manager Scalable Capital. It may not be the last of its investments as these deals have come two months after CEO Larry Fink told Reuters about Blackrock’s interest in four acquisitions.
This transaction is expected to close in the third quarter of 2017. The terms were not disclosed.