In a strategic move to solidify its position as a global leader in financial services digital software, ieDigital has acquired Abaka, a UK-based AI-driven recommendation engine platform.
The financial terms of the deal were not disclosed.
Abaka specializes in leveraging machine learning and behavioral persona-based segmentation to enable financial institutions to market their services to consumers in a personalized manner at scale.
Strategic Growth Move:
ieDigital’s acquisition of Abaka aligns with its growth strategy to meet the rising demand for hyper-personalized financial experiences.
Abaka’s capabilities will enhance ieDigital’s offerings, allowing banks and financial institutions to provide more tailored services and products to their members and customers.
Abaka’s Expertise and Market Presence:
Founded in 2016, Abaka has established itself as a prominent player in the AI-driven recommendation engine space.
The company’s platform utilizes machine learning and behavioral segmentation to predict which financial products, such as savings accounts or retirement solutions, are most likely to be preferred by consumers.
Abaka’s AI analyzes customer data and life stages, delivering highly tailored recommendations for financial decision-making. Major clients of Abaka include HSBC and Prudential.
ieDigital’s Previous Strategic Moves:
This acquisition follows ieDigital’s addition of the US-based digital banking provider Connect FSS to its portfolio in October 2023.
ieDigital’s commitment to innovation in the financial services sector is evident in its efforts to drive increased customer-centricity.
Earlier in June 2023, Rami Cassis, CEO of ieDigital, acquired US-based manufacturing automation business Vantage through serialisation specialist Advanco, establishing a significant independent pharmaceutical serialization solutions provider.
Integration and Leadership:
Abaka will be seamlessly integrated into ieDigital, operating under the leadership of Jerry Young, the Chief Executive Officer (CEO).
The move positions ieDigital at the forefront of financial software innovation, emphasizing its commitment to driving the industry’s shift towards enhanced customer-centric experiences.
This strategic acquisition reflects the ongoing trend within the financial industry to harness AI and machine learning for personalized customer engagement, as institutions seek to stay competitive and meet the evolving needs of their clients.