Bloomberg has revealed today that it has acquired Dublin-based software provider PolarLake in a bid to bolster a newly launched enterprise data management (EDM) service.
The EDM service aims to help companies acquire, manage and distribute data across their organisations.
“Our customers are looking to find new ways to reduce the cost of managing data while adhering to increasing regulatory requirements for transparency,” said Dan Doctoroff, Bloomberg president and CEO.
“The Bloomberg EDM business will address those pressures and help companies make their systems more efficient, effective and integrated.”
EDM allows companies to manage reference data throughout their entire supply chain, where firms have to acquire, share, cleanse, manage and distribute data to all users.
PolarLake will become a wholly-owned subsidiary of Bloomber, but will operate as an independent business unit, where it will have separate facilities and operations staff so as to provide higher levels of security and privacy for the data it receives.
“The PolarLake purchase is a strong signal to the marketplace that Bloomberg intends to be a leader in the enterprise data management business,” said Thomas Secunda, Bloomberg co-founder and global head of financial products and services.
It was also recently revealed the Bloomberg is ramping up its on-going battle with Thomson Reuters, as it announced a $100 million redesign of its market data services.