Boerse Stuttgart has snapped up 100% of local data analytics startup Sowa Labs, marking its first fintech acquisition since the establishment a new digital ventures unit in September.
The fintech company, which is based in Ulm, Germany, specialises in predictive data analytics and has been analysing Internet-based financial market data via proprietary artificial intelligence since 2013.
The buy out comes two months after the German bourse set up a new digital division – dubbed Boerse Stuttgart Digital Ventures – to work in tandem with the Exchange’s Predictive Data Analytics unit and invest in and partner with promising startups.
Alexander Höptner, member of the management board of Boerse Stuttgart says the digital ventures practice is currently working on innovative products in the areas of equities, cryptocurrencies and blockchain.
Of the Sowa Labs acquisition Höptner adds: “Thanks to this strategic step, we are able to fulfil a key task that forms part of our digital strategy: in expanding the areas of artificial intelligence and data analysis, we are focusing fully on the retail investor.”
He says a seven-digit figure changed hands in the transaction.