BBVA acquires big data startup Madiva

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Dec 09, 2014, 11:00 ET

MADRID, Dec. 9, 2014 /PRNewswire/ -- BBVA has acquired Madiva Soluciones, a Spanish startup specialized on services based on big data and cloud computing. The acquisition is part of BBVA's strategy to lead the banking industry in the digital age.

"Big data is an area of great potential for BBVA and Madiva strengthens our capabilities from day one," said Carlos Torres Vila, head of Digital Banking at BBVA. "Without a doubt Madiva will contribute to developing an improved offering for our clients."

Founded in December 2008, Madrid-based Madiva reached profitability in its first year, working with companies in sectors such as insurance, banking, real estate or consulting. Its services simplify existing processes and create new business opportunities by processing unstructured data and high volumes of information available on the Internet, which it then compares and matches with other sources. For example Madiva can value large property portfolios in hours, a process that in the past could take months. Madiva will continue to operate as an independent company, serving BBVA and its other clients.

"If one bank is truly betting on innovation today that is BBVA," said Juan Jose Divasson, CEO of Madiva. "We wanted to be part of the company that has best understood the potential of what we do."

Madiva's acquisition follows that of Simple in the U.S. last February. The acquisition of companies that are developing new technologies and disruptive business models is a key priority in the overall transformation that BBVA is carrying out to build the best customer experience in the digital age.

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http://shareholdersandinvestors.bbva.com
For more BBVA news visit: http://press.bbva.com/

About BBVA

BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is focused on high-growth markets and it relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.

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SOURCE BBVA