Markit to buy Cadis
09 May 2012 | 7815 views | 1
Financial information vendor Markit has agreed to buy enterprise data management (EDM) specialist Cadis. Financial terms of the deal were not disclosed.
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."