Financial crime risk management solutions provider Hummingbird has acquired LogicLoop, a US-based company focused on no-code data integration and automation.
The financial terms of the deal were not revealed.
Headquartered in San Francisco, LogicLoop is an all-in-one operations automation platform. The firm supports operations teams in setting up alerts and automation on company data without the requirement of engineers.
LogicLoop co-founder and CEO Jesika Haria said: “By integrating LogicLoop into Hummingbird’s best-in-class compliance platform, more financial institutions will be able to harness the power of data, automation, and AI, gaining a competitive advantage in the fight against financial crime.”
Through the acquisition of LogicLoop, Hummingbird aims to help overcome the struggle faced by risk and compliance teams to access their data and leverage it for risk management and financial crime investigations.
According to Hummingbird, the deal will expedite the company’s mission to become the core operating platform for financial crime fighters. It will also allow financial institutions to unify, explore, and act on their risk and compliance data.
Hummingbird co-founder and CEO Joe Robinson said: “We envision a future where financial institutions can connect any data source, instantly access the information using queries or AI, and route it through automated procedures and into investigations to seamlessly facilitate compliance work.
“This acquisition brings that future into the present day, increasing the utility of an institution’s data and enabling better decision-making for financial crime fighters.”
The combination of both parties will offer a solution that will help the connection of internal and external data sources through no-code integrations. This is expected to minimise the dependence on technical resources.
In addition, LogicLoop will help Hummingbird to expand customers’ capability in developing, testing, and implementing the algorithms that drive risk and compliance programmes.
The combined solution will also advance the efforts in centralising risk and compliance work into a unified operating system.
Hummingbird is bolstering its ability to unify data, automation, and investigations in order to facilitate in-depth explorations of customer profiles and activities to be conducted through data aggregation and visualisation tools.
The information and decisions can be routed directly to any system running financial crime operations.
