Boston-based Fidelity Ventures has taken an undisclosed majority stake in Asset Control, a Dutch provider of data management technology to financial services firms. Concurrent with the funding the vendor has acquired Vancouver-based reference data outfit Tap Solutions and installed Phil Lynch as CEO.
Lynch, who was CEO of Reuters Americas from 2001 to 2005 before beoming a venture partner with Fidelity Ventures, will succeed Ger Rosenkamp as CEO and president of Asset Control.
Rosenkamp, who founded the company in 1991, will continue to serve as chairman of the board.
Anne Mitchell and Simon Clark - who are both partners with Fidelity Ventures - will also join the Asset control board of directors.
In a concurrent move, Asset Control says it has acquired Tap Solutions - which provides Microsoft-based data management software for financial services firms - in order to extend its offerings to institutions of all sizes.
Tap's flagship TAPMaster product is a modular system built on Microsoft technology to provide plug-and-play accessibility to a broad range of data vendors and business application providers.
Says Rosenkamp: "With the addition of TAPMaster to Asset Control's existing enterprise-wide data integration approach featuring flexible and reliable software solutions, we now offer a complete product suite that spans the requirements of all market segments."