Markit, the financial information services provider, has acquired QuIC Financial Technologies, Inc., which provides financial organizations with risk analytics solutions to test market and credit risk tolerance in financial portfolios and simulate risk at the enterprise level.
Markit says the acquisition will enable it to meet the growing demand for risk analytics and enterprise risk management services by combining its strengths in data and valuations with QuICs analytics expertise.
The field of risk analytics continues to grow at an accelerated pace and presents some very interesting opportunities for Markit, says Markit CEO Lance Uggla. By acquiring one of the leading providers of risk analytics, Markit will gain significant enterprise risk management capabilities which will allow us to provide our customers with the comprehensive solutions they require to identify and manage risk.
QuIC will become part of Markits valuations and analytics services unit, and will continue to provide all of its existing services to clients throughout the financial industry.
Joining forces with Markit will enhance our ability to offer state-of-the-art risk tools to the financial markets and other sectors, says Nigel Cairns, president and CEO of QuIC. Risk analytics begin with good inputs and I am confident that, with Markits data and resources, we will provide an even better service to our clients and be able to develop exciting new offerings, together with Markit.