Recently launched Symphony Communication Services, a communication and workflow technology company, has acquiring Markit’s Collaboration Services, an open messaging network.
In October, Symphony was formed by a group of financial institutions and will be available to the public in 2015. This acquisition is the company’s first major transaction since its founding.
The transaction, which closed on November 28, entailed Symphony acquiring the technology for Markit’s Collaboration service, which Symphony will use to provide a secure directory for managing contacts across the financial services industry.
“Symphony will populate the directory with vetted contacts from firms and users validated by network participants, allowing for enhanced identity management,” explains the company. “Further streamlining communication and improving productivity, the directory will make it simple to locate and contact professionals within the financial services industry.”
Symphony also says that the two firms will continue to collaborate on joint initiatives.
“Symphony will help realize our vision that open networks will fundamentally change how people work and communicate in our industry, by combining our respective collaboration assets,” says Brad Levy, managing director and head of Markit’s Processing business.
Symphony Acquires Markit's Collaboration Services
Recently launched Symphony Communication Services, a communication and workflow technology company, has acquiring Markit's Collaboration Services, an open messaging network.