German IT consultancy GFT has acquired a minority stake in One Creation, adding data monetizing services to its portfolio of offerings.
“Data is the new oil,” stated the IT firm, with its CEO, Marika Lulay, describing the move as a preparation to tap into the “oil wells of the 21st century”.
New York City-based One Creation owns a technology platform that offers a safe way to share and monetize data. “We give control over data and rights back to the owner,” says Zohar Hod, CEO of One Creation.
“Our platform enables digital rights owners – say, music publishers or movie studios – to define who should be allowed to use their assets and under what conditions, and then enforces and tracks these rules through multiple ecosystems.”
The technology platform, developed in partnership with GFT, is particularly beneficial to banks and insurance companies, according to Marika Lulay.
It seems GFT is hoping to cash in on the new platform by offering it to its deep-pocketed banking customers.
Stuttgart, Germany-based GFT has a significant presence in Latin America, Brazil in particular. Among its clients include the likes of HSBC, Deutsche Bank, and Santander, besides a few of the biggest Brazilian commercial and investment banks.
It is estimated that around 7.5 septillion gigabytes of data are generated every single day.