Financial data outfit Markit is moving into the order management system (OMS) business with the acquisition of thinkFolio. Financial terms of the deal were not disclosed.
London-based thinkFolio provides OMS, portfolio modelling, compliance and cash management capabilities for the cash and derivative markets, claiming around 3000 traders and portfolio managers as users.
The firm's technology is already integrated with Markit's enterprise data management system as well as data services such as Transaction Cost Analysis and iBoxx fixed income indices.
Markit says that the acquisition will help it to expand its franchise in enterprise software and its ability to provide front office solutions. ThinkFolio will operate as a business unit within Markit, while the firm's CEO Andrew Walsh will join the enterprise software management team.
Daniel Simpson, MD and head, enterprise software, Markit, says: "This acquisition expands Markit's technology offering for the front office and enables customers to source order management and portfolio management software as well as enterprise data management, transaction cost analysis and risk analytics, all from a single provider."