Logical Glue
Explainable AI platform for financial decision-making.
| GBP | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | - | - | (62 %) | (21 %) | (12 %) |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | - | 42 % | 24 % | 21 % | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | - | 71 % | 517 % | (82 %) | 69 % |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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Logical Glue, founded in London in 2012, developed a patented, cloud-based platform focused on explainable artificial intelligence (XAI). The company's primary offering was a Software-as-a-Service (SaaS) solution that allowed financial institutions to build, deploy, and interpret predictive models without extensive coding knowledge. The platform was designed to make the reasoning behind AI-driven decisions transparent, addressing a key regulatory challenge in the financial sector where 'black box' algorithms are often scrutinized.
The company was co-founded by Hani Hagras, who served as Chief Science Officer, alongside Colin Magee (CEO) and Daniel McPherson. Before its acquisition, Logical Glue secured a significant private investment from Tom Singh, the founder of the fashion retailer New Look, to expand its machine learning capabilities and data visualization tools. The firm targeted lenders and insurance providers, offering tools to improve credit scoring, risk analysis, fraud detection, and customer retention. The technology could analyze raw data to generate predictive models, helping businesses enhance profitability, reduce default rates, and automate underwriting processes.
In July 2019, the Swiss banking software company Temenos acquired Logical Glue for £12 million (approximately $14.7 million). The acquisition was a strategic move by Temenos to accelerate its AI roadmap and integrate Logical Glue's XAI platform into its own cloud-native banking solutions. Following the acquisition, Logical Glue's technology was embedded across Temenos's product suite, including core banking, digital front office, and wealth management, making explainable AI capabilities available to Temenos's global client base.
Keywords: explainable AI, XAI, predictive analytics, machine learning platform, financial services, credit scoring, risk management, automated decision-making, Temenos, regulatory compliance, data science, fraud detection, underwriting, insurtech, fintech, cloud software, predictive modeling, data visualization, business intelligence, SaaS