Markit buys risk analytics specialist QuIC

Markit buys risk analytics specialist QuIC

UK finance information vendor Markit has acquired Canadian risk analytics outfit QuIC Financial Technologies. Financial terms of the deal were not disclosed.

Founded in 1998, QuIC employees 105 staff in its Vancouver headquarters and offices in Calgary, London and New York, providing financial organisations with analytics technology to test market and credit risk tolerance in financial portfolios and simulate risk at the enterprise level.

The company and its staff become part of Markit's recently combined valuations and analytics services unit. By teaming its strengths in data and valuations with QuIC's analytics expertise, Markit claims the acquisition will help it meet a growing demand in the area.

Lance Uggla, CEO, Markit, says: "By acquiring one of the leading providers of risk analytics, Markit will gain significant enterprise risk management capabilities which will allow us to provide our customers with the comprehensive solutions they require to identify and manage risk."

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