Reuters to acquire Gissing
21 December 2007 | 13609 views | 0
Reuters has entered into an agreement to acquire London-based Gissing Group Ltd, a privately held software company with offices in London and New York that specialises in the area of market data contribution. Reuters refused to divulge the price paid for Gissing, but confirmed that it was an all-cash deal.
Gissing is a provider of real-time, vendor neutral contributions sodtware. The company's underlying expertise is in the development of specialist 'adaptors' that enable organisations to contribute data to multiple destinations from multiple sources.
Reuters says it plans to retain and continue to work with the existing Gissing management team and their highly skilled workforce. Initial plans will see Gissing run as a wholly-owned subsidiary reporting into Mark Redwood, Reuters Global Head of Sales and Trading. Reuters also plans to continue to support existing Gissing customers and to continue to invest in Gissing's sophisticated technology solutions.
Redwood said: "This deal helps deliver on our strategy of powering the financial markets by providing a combination of content and transaction related services, distributing both Reuters and third party content and liquidity. Gissing brings a unique set of tools, skills and capabilities that complement Reuters existing multiple-destination, multiple-source client data solutions. We very much look forward to working with the Gissing team on continuing to develop and build valuable growth business."
Mike Vieyra, CEO Gissing Group added, "This is a great deal for Gissing and for Gissing's shareholders, staff and customers. Gissing's current and prospective clients will continue to get full support, upgrades and enhancements across the Gissing product range. Our business as a result of this deal, will benefit from increased product and infrastructure investment and enhanced market opportunities and we very much look forward to working with Reuters in driving our business forward."
The transaction is expected to complete in early 2008 and is subject to customary terms and conditions. Gissing had gross assets of £1.8 million as at 31 December 2006.