Iona acquires C24 to strengthen financial services focus

Iona acquires C24 to strengthen financial services focus

Nasdaq-listed Iona Technologies has purchased privately held data and messaging software company C24 for an undisclosed fee.

C24's 12 employees will join Iona with immediate effect.

The acquisition builds on a reseller agreement that Iona already had in place to sell C24 products. These include developer kits, a runtime environment and pre-built standards-based message libraries, which will now become a part of the Artix family of distributed service-oriented architecture (SOA) infrastructure products.
The move is described by Iona as being "primarily a technology acquisition". While not disclosing any of the financial terms of the acquisition, or C24 revenues to date, Iona says it expects the acquisition to be accretive within a year.
C24’s current market focus is on supporting customers in the financial services industry, which is also historically a strong vertical market for Iona. C24 offers a range of technology, including pre-built message libraries of data services standards driving the financial services industry, such as Swift, FpML, ISO 20022/Unifi, Sepa and FIX.
Iona plans to grow the existing data service offerings for the financial services industry and work toward specific services for vertical markets such as telecommunications and government in the future.

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