UK asset management software vendor Rhyme Systems has signed a definitive agreement to acquire Exact Technical Services (Exact), a provider of MiFID compliant stockbroking systems to investment managers. Financial terms of the deal were not disclosed.
Founded in 1992, UK-based Exact is a profitable company that supplies stockbroking systems to the investment management community.
The firm's core product is Flagship, a MiFID-compliant multi-currency agency stock-broking system running a 4GL relational database on secure SCO-Unix servers, which is delivered to client desktops over extended networks.
The business specialises in the provision of contract and CFD management, settlement, client and market dealing, deposit and margin accounting, custody, PEP/ISA and portfolio services.
Indian IT services firm 3i Infotech, which acquired Rhyme systems in 2006, says the "strategic acquisition" of Exact complements Rhyme's stockbroking and clearing platform Altimis and further consolidates its offering in the UK financial services market.
Says Chris Potts, chief operating officer, 3i Infotech, Western Europe: "Today's acquisition of Exact capitalises on our existing capabilities and will help us to deliver an enhanced service to the European market. At a time when the industry is experiencing increased pressure to provide a cost effective, yet comprehensive service to its customers, the acquisition will complement Altimi."