International Business Machines Corp. (NYSE:IBM) has announced its acquisition of a financial consulting Washington firm. Promontory Financial Group became one of the top financial firms to emerge after the global financial crisis in 2008.
Promontory is expected to train Watson, IBM’s artificial intelligence platform to aid IBM’s financial clients to help manage their regulatory obligations and reduce costs in the process.
“What Watson is doing to transform oncology by working with the world’s leading oncologists, we will now do for regulation, risk and compliance,” Bridget van Kralingen, a senior vice president for IBM’s industry platforms team, said in a statement. “This initial offering of Watson Financial Services is emblematic of the transformative cloud-based solutions that IBM Industry Platforms will bring to clients.”
“We believe the future of business and regulation will be driven by the need for advanced technology alongside deep subject matter expertise,” Mr. Ludwig said in a statement.