MDX Technology has acquired Schematiq, the flagship product of HTI Labs, for an undisclosed amount. This acquisition significantly expands MDX Technology's capabilities by integrating Schematiq's advanced self-service analytics and big data platform power for Microsoft Excel users. Schematiq has a proven track record within Financial Services, having evolved out of the sector to serve its challenges and opportunities, addressing critical issues related to the performance, accuracy, integration, and operational risks of spreadsheet-based End-User Computing (EUCs).
Schematiq's platform is designed to optimize mission-critical Excel spreadsheets, solving challenges around performance, accuracy, and operational risks. Its key components include Discovery for identifying bottlenecks, Workbench for streamlining and automation, Asset Manager for governance and control, and a Portal for secure result sharing and API auto-creation. The platform enables organizations to extract valuable business logic from spreadsheets, rapidly integrate with strategic systems via APIs, and handle vast amounts of data efficiently. It also aims to reduce the number of spreadsheet EUCs and support digital transformation.
This strategic acquisition will enable MDX Technology to enhance its offerings, particularly within Financial Services, Energy, and Insurance. By integrating Schematiq's specialized expertise in managing and transforming critical Excel processes, MDX Technology can provide a more comprehensive solution for data management, analytics, and operational risk reduction. The synergy between the two entities is expected to offer clients improved control over spreadsheet-driven operations, accelerate digital transformation initiatives, and mitigate risks associated with complex Excel models in highly regulated environments.
The combination of MDX Technology and Schematiq is poised to deliver enhanced tools for organizations seeking to optimize and govern their critical spreadsheet processes. The integrated entity will provide clients with more robust solutions to improve accuracy, visibility, and control across their data workflows, enabling better decision-making and innovation at an accelerated pace within key sectors.