[May 25, 2012] Bloomberg Buys PolarLake & Introduces EDM Services [Professional Services Close - Up] Tweet (Professional Services Close - Up Via Acquire Media NewsEdge) Bloomberg announced that it acquired Dublin-based software provider PolarLake and is launching a new enterprise data management service to help companies acquire, manage and distribute data across their organizations. "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 Enterprise Data Management business will address those pressures and help companies make their systems more efficient, effective and integrated." According to a release, EDM is the process by which a firm manages reference data through its entire supply chain: how it acquires, shares, cleanses, manages, owns and distributes data to all users. Bloomberg's new EDM unit, with the addition of PolarLake, will allow firms to increase their efficiency by better managing high volumes of data from multiple sources, either third parties or proprietary sources. "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 Bloomberg's Financial Products and Services. PolarLake will become a wholly owned subsidiary of Bloomberg, but will operate as an independent business unit. It will have separate facilities and operations staff, so it can provide the highest levels of security, privacy and permissioning for the data it receives. Geller & Co. advised Bloomberg on the transaction. John Randles, CEO of PolarLake, said, "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." PolarLake is a provider of Semantic Web and Big Data technologies to the data challenges of the leading financial services firms in the world. ((Comments on this story may be sent to [email protected])) (c) 2012 ProQuest Information and Learning Company; All Rights Reserved. [ Back To TMCnet.com's Homepage ]