Capco has acquired data management outfit Iverson Financial Systems and created a new reference data services division.
With the acquisition, Capco's products now span a complete range of reference data management offerings, including application service provider (ASP), business process outsourcing (BPO), and business service provider (BSP) capabilities, as well as managed services and products from the Iverson portfolio.
Capco says it will also bring additional value to Iverson's products by offering them on a global basis, particularly to the North American, UK, European, and Asia Pacific markets.
Iverson has established a market specialty by serving as an intermediary between market data providers and financial services customers, allowing the latter to outsource non-core business functions such as managing critical source data required for trading and money management operations.
Iverson's managed services products include Historical Securities Database, Global Index Monitor, Global Exchange Traded Funds Monitor, SectorWatch, and BPO services for financial institutions.
James Iverson, founder and CEO of Iverson says: "Capco and Iverson have a shared vision that the future of data management rests in end-to-end outsourced services rather than software. We agreed to this transaction with Capco because of our desire for significant investment to drive future growth."
Iverson will be merged into Capco's new business solutions line, Capco Reference Data Services Division. The new line also includes Capco's reference data business consulting practice, and Reference Data Manager (RDM), the ASP-based data cleansing engine developed in conjunction with Reuters as part of the now defunct £32 million Synetix joint venture.
Financial details of the transaction have not been disclosed. Capco completed a $15 million funding round last month aimed at strengthening its balance sheet and funding acquisitions in the reference data space.