Spark has announced it will be acquiring Australian financial services company Spark SQL, its cloud-based platform that allows businesses to access data from across Australia.
Spark’s parent company, Data Group, has also announced it is expanding its business from Australia to the United States and Europe.
Spark is a cloud-hosted data-analysis platform for banks and other financial services providers, enabling them to extract financial data and make financial decisions.
Spark CEO, Tom McGovern, said in a statement that Spark SQL “will be an invaluable asset to Spark’s global network of partners”.
Spark is an online data-analytics platform that is already used by Australia’s financial services industry.
“Our mission is to accelerate the adoption of cloud data services in the financial services sector and to help the world’s leading financial institutions innovate and leverage their insights to make better business decisions,” Mr McGovern said.
Spark has a broad range of financial services applications, including financial planning and asset management, and data analysis and trading.
Spark SQL will be an indispensable asset to the Spark family.
Spark provides an on-demand, data-driven platform for the analysis and management of financial data.
Spark aims to provide financial services businesses with the analytics, business intelligence, and insights they need to deliver the financial results and decisions they need, Mr McWane said.
The Spark SQL acquisition comes as Spark’s cloud-storage business continues to expand and expand.
The company said Spark SQL data analysis services have grown by 30 per cent to 10.5 million users in 2017.
The acquisition follows Spark’s acquisition of US financial analytics provider Spark Analytics earlier this year.
Spark currently employs about 600 people worldwide, and the company expects to add 100 more by 2020.
Spark and Data Group have been partners since 2014, and Spark said it was in discussions to join Data Group’s business in 2020.
The US financial data firm has about 30 employees based in New York.
Spark will continue to work closely with Spark and its US and European partners.
“Spark SQL’s analytics and business intelligence services will be integrated into Spark’s infrastructure,” Spark CEO Tom McWaine said.
“The acquisition will give Spark the necessary infrastructure and talent to scale its operations worldwide.”