The Cadis EDM platform is used by investment banks, insurance companies, regulators, asset managers and hedge funds to consolidate data from multiple sources within a centralised hub.

Markit says the acquisition comes at a time when financial institutions are becoming increasingly reliant on such platforms to manage their big data challenges, reduce risk and comply with new regulations including Dodd-Frank, Basel III and Solvency II.

The Cadis team - based in offices in London, New York, Boston, Hong Kong, Luxembourg, Manchester, Paris, Sydney and Tokyo - will operate as a business unit alongside Markit's other enterprise solutions. Daniel Simpson, Cadis CEO, will join Markit's executive management team.

Lance Uggla, CEO, Markit, says: "Data management is top of just about every financial institution's 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."