Reuters has acquired capital markets software provider, Diagram for £42.6 million in cash (EUR66.9 million) from Caravelle, a French holding company. The new acquisition will be integrated into Effix, Reuters' Paris-based development centre for front and middle office solutions.
Diagram supplies back office solutions, including software packages, and offers consulting, training and integration for banks, brokers, fund and asset managers and insurance companies. The company also provides integrated corporate treasury systems, including electronic banking solutions, for the cash and risk management departments of corporations and large banks. Diagram currently operates in France and Benelux but is developing businesses in Italy and Japan.
Diagram's products will be further integrated with Reuters trade and risk management solutions, using Active Enterprise technology supplied by Tibco Software, and marketed worldwide. Already the two companies have provided integrated solutions using Kondor+, Reuters flagship risk product for the front office.
Based in Paris, Diagram had audited revenues of £17.4 million (Eur27.4 million) in 2000 and employs 230 staff. The management of Diagram will remain with the company says Reuters.