Information services company Markit has agreed to acquire Cadis, the global enterprise data management specialist. The terms of the deal, including the price, were not disclosed.
Cadis platform consolidates data from multiple sources within a centralized hub, providing users with a transparent and auditable data. The platform provides services including front-to-back office integration and data frameworks for trading, pricing, risk and compliance management.
Markit hopes to capitalize on financial institutions increasing reliance EDM platforms to reduce risk and comply with new regulations including Dodd-Frank, Basel III and Solvency II.
Markit has been on the acquisition trail in recent months, with other deals including a recent purchase of Data Explorers from mid-market private equity firm Bowmark Capital. The transaction follows a competitive tendering process run by the Bowmark management team. Data Explorers data set, which covers $12 trillion of securities in the lending programes of over 20,000 institutional funds, provides a comprehensive view of short interest data and institutional fund activity across all market sectors.
Lance Uggla, CEO of Markit, said: Data management is top of just about every financial institutions agenda; the scale and complexity of the data they are managing have never been greater. Following this acquisition, we will be able to provide our customers with Cadis market-leading data management solution, which comes with a fantastic track record in successful implementation. The EDM space is large, global and growing and Cadis fits well with Markits entrepreneurial growth-oriented culture.
Daniel Simpson, CEO of Cadis, said: “Data is increasingly at the heart of financial institutions. Our EDM platform ensures our customers have the data they require to drive sound decision-making. By combining our expertise with Markits distribution and customer network, we will be able to help more firms meet increased regulatory pressures and risk management demands.
Cadis was established in 2007. The company has employees in London, New York, Boston, Hong Kong, Luxembourg, Manchester, Paris, Sydney and Tokyo. It has numerous customers globally including investment banks, central banks, insurance companies, regulators, asset managers and hedge funds.
The Cadis team will operate as a business unit alongside Markits other enterprise solutions including Markit Analytics, Markit Portfolio Management and Markit on Demand. Daniel Simpson, Cadis CEO, will join Markits executive management team.
(JDC)