San Francisco-based capital markets technology outfit Calypso has acquired Codefarm's portfolio construction and management platform, Galapagos.
Codefarm was set up in the UK in 2001 to apply advanced mathematical and grid computing techniques to the management of structured credit portfolios in the investment banking markets. The firm's clients include KBC, RBS, Merrill Lynch, UBS and UniCredit Group.
Charles Marston, chairman and CEO, Calypso Technology, says: "There are clear synergies from this transaction, including an expected strong and seamless cultural fit among the staff, and a unique opportunity to leverage our combined talented resources to develop innovative solutions that relieve market pain - particularly in the areas of restructuring and capital efficient risk mitigation in the credit markets."
The base for Galapagos research and development remains in Brighton, and the unit will operate as an independent front office plug-in to the Calypso back office derivatives and treasury management platform. Codefarm founder Jeremy Mabbitt assumes the role of VP of technology for the new Galapagos business unit while John Mooren and Steve Gibson are appointed as general manager and VP of sales, respectively.
Financial terms were not disclosed.