Penningtons Manches Cooper's corporate team has advised on the sale of Logical Glue to Swiss stock exchange listed Temenos AG, the world’s leader in banking software. Oxford corporate partner Will Axtell led the Penningtons Manches Cooper team, supported by senior associate Nicola Harding and tax partner Kathy Hills.
London-based Logical Glue was co-founded in 2012 by Professor Hani Hagras, an award-winning, global expert in fuzzy logic and explainable AI (XAI) systems and the most highly cited researcher in the area of XAI. The company is at the global forefront of XAI helping businesses unlock the exceptional technological power of artificial intelligence and machine learning. The acquisition accelerates Temenos’ AI roadmap by bringing together a patented, proven, industry-first XAI platform, AI credit scoring models that are immediately available worldwide as well as deep AI and machine learning expertise.
Headquartered in Geneva, Temenos supports over 3,000 firms across the globe, including 41 of the top 50 banks, in the processing of both the daily transactions and client interactions of more than 500 million banking customers. The combination of Logical Glue’s award-winning XAI platform and Temenos, the first company to bring transparency and explainability of AI automated decisions to the banking industry, offers banks the most advanced next-generation explainable AI banking products
Professor Hani Hagras, co-founder and chief science officer at Logical Glue, said: “We are delighted and excited to be joining the Temenos family at this hugely exciting time. Since 2012, Logical Glue has been at the forefront of machine learning and artificial intelligence and we are fearlessly passionate about advancing the potential of Explainable AI. With our patented, cutting-edge XAI platform and our highly experienced machine learning experts, we are helping financial institutions harness the explosive power of XAI and helping them master AI decision making. We are excited to combine our strengths with Temenos’ expertise, reach and passion. Together, I am sure we will be able to transform the industry.
Greg Healey, CEO of Logical Glue, said “The Penningtons Manches Cooper team led by Will Axtell provided excellent support on what was a complex and demanding transaction and helped to complete it within a challenging timeframe.”
Will Axtell, Partner at Penningtons Manches Cooper said “Logical Glue is an innovative company leading the way globally in Explainable AI. We are delighted to have advised on this exciting technology transaction and we wish Temenos and Logical Glue all the very best for an exciting future.”