UK-based straight-through processing vendor Netik has acquired New Jersey's Montclair Financial Technology (MFT) in an eight-figure deal.
Montclair specialises in the design and development of financial investment information warehousing and information management tools. Its products include a securities data warehouse, Internet access and query tools, and portfolio management (performance and modeling) and support tools.
Colin Close, Netik's chief information officer, says the Montlair product range will add information management tools to Netik's process automation software. "STP is not just about successfully managing the shortening timeframes within the trade cycle," he says. "STP solutions should also be concerned with achieving the assembly of high quality portfolio and investment information and making this totally accessible to the business managers."
With MFT onboard, he says customers will be able to purchase investment information warehouse and Internet management tools, and financial application integration in a single product and implement the solution within 4-6 months.
The Montclair acqusition is Netik's third within a year. The company now has 250 people in eight international locations including New York, San Francisco, London and Singapore.
Montclair is to form the basis of a new Information Solutions Division within Netik, headed up by MFT CEO Thomas.