US investment management software vendor SS&C Technologies has acquired the assets and business of FX trading systems vendor MarginMan from Ireland's Integral Development Corporation for $5.6 million in cash and the assumption of some liabilities.
MarginMan provides collateralised trading software to firms in the foreign exchange marketplace. The technology supports collateralised FX trading, precious metals trading and over-the-counter FX options trading. Integral acquired the MarginMan business when it bought out International Financial Systems (IFS) in February 2002.
SS&C says the acquisition of MarginMan complements it existing portfolio of products and gives it an immediate presence in Ireland.
Colleen Nelsen, SS&C's SVP, financial institutions, comments: "MarginMan adds to our offerings by supporting the unique needs of the collateralised trading market. We see strong synergies between TradeThru and MarginMan, including market expertise, technology interfaces and expanded client opportunities."
Following the acquisition Jim Duffy - former chairman of IFS and one of the co-founders of MarginMan in 1992 - will manage the business unit as vice president and general manager of SS&C's Ireland subsidiary.
MarginMan is the latests in a series of acquisitions by Connecticut-based SS&C this year. The firm purchased fund accounting firm Eisnerfast for $25.3 million in March and bought San Francisco-based Financial Interactive in May. The vendor also completed on a $159 million deal to acquire Canadian investment management software firm Financial Models Company in April this year.
Last month SS&C agreed to be acquired by private equity firm The Carlyle Group in a deal worth around $982 million.