Bloomberg LP has acquired Dublin-based software provider PolarLake and is launching a new enterprise data management (EDM) service to help companies acquire, manage and distribute data.
The new EDM unit, combined with PolarLakes existing services, aims to help firms manage high volumes of data from multiple sources, either third parties or proprietary sources.
PolarLake, which offers reference data management, distribution and integration services, will become a wholly owned subsidiary of Bloomberg but will operate as an independent business unit. It will have its own facilities and operations staff so it can provide the highest levels of security, privacy and permissioning for the data it receives, Bloomberg says.
“Our customers are looking to find new ways to reduce the cost of managing data while adhering to increasing regulatory requirements for transparency,” says Dan Doctoroff, president and CEO of Bloomberg. “The Bloomberg Enterprise Data Management business will address those pressures and help companies make their systems more efficient, effective and integrated.”
John Randles, CEO of PolarLake, adds: “This deal is a game changer for us, Bloomberg and the enterprise data management industry. The synergy of our technology and Bloomberg’s 30 years of experience creates a one-of-a-kind EDM service that addresses regulatory, economic and operational needs.”
Financial information services company Markit also recently entered the EDM space with its acquisition of Cadis earlier this month.
(CG)