British banking group Standard Chartered has invested in Paxata, a California-based enterprise information management outfit.
The size of the investment and other terms were not disclosed by the companies.
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By GlobalDataStandard Chartered said that Paxata’s adaptive information platform will make data more accessible and allow employees to convert raw data into a reliable business data.
At the same time, Standard Chartered also signed a joint innovation agreement with Paxata. Under the agreement, the two parties will investigate algorithms for searching, linking, aggregating and classifying data.
Standard Chartered chief information officer Michael Gorriz said: “Joining the dots across different data sources and extracting value out of data is an important element of the Bank’s strategy as a diverse global bank. Paxata is helping us transform raw data into an insightful information fabric and this can help increase our speed of decision-making.
“This investment is an important step in building our capabilities as a data-driven company where employees in all functions are able to harness data at their fingertips.”
The latest agreement builds on an existing partnership between the two parties over a compliance project, which dates back to 2016.
