Mergers and Acquistions News
Categories: Software
February 16th 2010, 16:53PM
Technology assets belonging to a major syndicated loan market systems provider have been acquired by a global financial information services firm with offices in London.
Markit has purchased technology from Storm Networks, LLC, which it hopes will augment its existing ClearPar loan settlement platform.
In addition to the deal, Markit has also announced that it has agreed to license software and technology from Storm technology partner Quartet Financial Systems.
Armins Rusis, executive vice president and global co-head of fixed income at the buyer, has highlighted the fact that the acquisition will allow it to supports its existing trade processing infrastructure.
He stated: "The ultimate solution, which includes Markit's loan data, messaging, and identifiers, will increase efficiency and transparency which in turn will promote liquidity, ushering in a new investor class."
Earlier this week, software provider Playtech Ltd announced that it had purchased online bingo product developer Virtue Fusion for consideration of £29 million.
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