Rhyme Systems has signed a definitive agreement to acquire Exact Technical Services.
The strategic acquisition of Exact complements Rhyme’s stockbroking application Altimis and further consolidates the 3i Infotech offering in the UK financial services market.
Exact provides MiFID compliant, multi-currency, agency stockbroking applications to the UK asset management market. The business specialises in the provision of contract & CFD management; settlement; client & market dealing, deposit & margin accounting, custody, PEP/ISA, and portfolio services.
“As one of the leading providers of financial services technology, today’s acquisition of Exact capitalises on our existing capabilities and will help us to deliver an enhanced service to the European market. At a time when the industry is experiencing increased pressure to provide a cost effective, yet comprehensive service to its customers, the acquisition will complement Altimis, our existing stockbroking and clearing product,” says Chris Potts, COO, 3i Infotech-Western Europe.
“With 3i Infotech’s financial services focus, our stockbroking software fits in perfectly and we look forward to jointly addressing the ever expanding UK financial services segment,” adds Peter Kelly, founder, chairman and partner, Exact.