Odyssey Financial Technologies has acquired CAfIT, a UK-based provider of fixed income, derivatives and balanced fund software to asset managers, for an undisclosed sum.
CAfIT was founded in 1997 by Jem Tugwell and Raquel Elias. The firm's product suite is targeted at the fixed income sector with equity and derivative capability for asset allocation and balanced fund managers.
Odyssey says the acquisition reinforces its product set for asset management.
The CAfIT system will continue to be available as a stand-alone product. The technology will also be integrated into Odyssey's wealth and asset management platform and will be made available to existing Odyssey customers as add-on components.
Antoine Duchateau, CEO of Odyssey says the acquisition will enable the vendor to extend into the institutional asset management area: "This will allow us not only to provide a market-leading front office solution to this sector, but also provide sophisticated decision support, analytics, risk, and performance attribution components to existing customers."
Commenting on the takeover CAfIT co-founder Raquel Elias, says: "The combination of Odyssey's product range and the proven Cafit solution creates a powerful new front office solution set for portfolio management, enabling us to reach out to new markets, as well as improving the service to our existing customer base."