Hummingbird Communications Ltd, which earlier this week said it planned to buy the PC Docs Group for $155m (CI No 3,613) is buying again, and Wednesday said it had signed an agreement to acquire all the rights to Financial Frameworks, a financials services software package developed by New York-based financial services company Context Inc. Hummingbird says the buy will help it penetrate financial sector customers with its business intelligence software.
Financial Frameworks is for banks and other financial organizations building data marts that use cleaned-up data from corporate legacy systems. It is used as a data repository for risk management, profitability analysis and sales prospecting systems. Context’s customers for the software include Chase Bank, Citibank, JP Morgan, McKinsey & Co and NationsBank.
Hummingbird, which spent $1m on the software, will also employ Context’s president Gail Port and other senior officers of the company. It plans to combine the Hummingbird BI/Suite with Financial Frameworks and use Context’s expertise to win more business from financial service companies.
