Linedata acquires DreamQuark to deepen its use of AI

credit: Shutterstock
credit: Shutterstock

Asset management firm Linedata has announced the acquisition of AI and fintech startup DreamQuark to improve its operational efficiency in both fields. 

Through the acquisition, Linedata intends to extend its influence into sectors such as asset management, credit, and insurance. 

By leveraging DreamQuark’s collaborations with entities such as the Royal Bank of Scotland and Gambit Financial, Linedata aims to create a “unique presence in the industry” to improve management processes for both front and back-office operations.

Timothée Raymond, Head of Business Development, said: “At the heart of this alliance lies a shared vision of the critical importance of artificial intelligence for the financial sector, along with a perfect synergy in both values and technology.

“This acquisition enables us to incorporate ten years of technological know-how in AI, complementing Linedata’s expertise in this area. The merging of DreamQuark’s talents with those of Linedata opens new avenues to offer our clients innovative solutions to their business challenges.”

DreamQuark has enhanced its development of its AI engines, notably its SaaS NBA (Next Best Action) solutions, with a goal to increase the satisfaction of advisors and clients by facilitating the identification and prioritisation of actions to be taken. 

The solutions offer enhanced advising, strengthened compliance, smart document retrieval, and efficient acquisition of ESG data, seeking to ensure compliant management of AI-related risks.

These technologies will integrate into Linedata’s existing software, such as the Linedata AMP platform and its Accumen module dedicated to portfolio management optimization, and will also be the foundation for the development of new innovative solutions.

Nicolas Meric, CEO of DreamQuark, added: “We are thrilled to join Linedata and look forward to bringing our expertise and energy to their clients. We are eager to provide them with high-value solutions based on generative AI and tackle the challenges of integrating it into the asset management, insurance, and credit sectors.”

Linedata’s investment comes at a time of increased funding for AI technologies. Some prominent observers, such as Stripe President John Collison, have identified an upsurge in investment in AI startups as more and more companies seek to capitalise on and utilise the advancing technology.