Australian analytics company Finity Consulting has acquired artificial intelligence firm Deep Logic for an undisclosed sum.
Sydney-based Deep Logic, which was founded as Neuronworks in 1997, will retain its brand name as its team merges with that of Finity in Sydney this month.
According to Finity, Deep Logic’s AI and machine learning capabilites will add “depth” to its services for sectors such as insurance, finance and healthcare.
“Deep logic has a long standing relationship with Finity and the deepest respect for their work, culture and people. This acquisition will unlock synergies between our two businesses and provide enormous opportunity for us to help build the artificial intelligence capabilities of Finity’s clients,” said Paul Beinat, one of three Deep Logic principals.
Although some of its products as still branded as Neuronworks, and the moniker is still used on the company website, ARN understands Deep Logic has operated under its new name “for some time”.
Finity currently has 150 staff including actuaries, statisticians, consultants, data scientists and engineers and software developers, spread across Sydney, Melbourne and Adelaide, as well as Auckland.
“The personal lines pricing team at Finity have a long history of collaborating with Deep Logic and are looking forward to working more closely with the team to bring innovative solutions and the best thinking in AI and machine learning to our clients’ pricing and portfolio management needs” said Finity’s personal lines pricing practice leader Nelson Henwood.