17 December 2017
visit http://response.ncr.com

Symphony acquires technology assets of Markit chat unit

02 December 2014  |  6682 views  |  0 Chat icons

Reference data firm Markit has backed out of the running to develop a rival to Bloomberg's instant messaging network, instead selling the technology assets of its Collaboration unit to back-backed Symphony Communication Services.

Symphony was launched as a competitor to Bloomberg's Instant chat service by 14 Wall Street firms in early October. The firms stumped up $66 million for Symphony Communication Services Holdings, which rolled in Perzo and technology that Goldman had been working on over the last couple of years.

The new acquisition - which will provide a secure directory for managing contacts across the financial services industry - represents the company’s first major transaction since its founding. It also represents an exit by Markit, which developed the technology to make its own foray into the instant messaging arena in collaboration with Thomson Reuters and a group of major banks.

Brad Levy, managing director and head of Markit’s Processing business says: “We achieved several firsts in the financial services industry with Collaboration Services. Symphony will help realise our vision that open networks will fundamentally change how people work and communicate in our industry, by combining our respective collaboration assets.”

Symphony says it will populate the directory with vetted contacts from firms and users validated by network participants, allowing for improved identity management and making it simple to locate and contact professionals within the financial services industry.

David Gurle, chief executive officer of Symphony, says: “The integration of these two highly complementary services sets us apart from other enterprise collaboration and messaging platforms by providing secure, seamless communication that connects users with their community.”

He says Symphony will use the technology to also create secure and compliant directories and communities for communication across a wide range of industries.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

EU regulators ask for FX traders' Facebook chats - Bloomberg

EU regulators ask for FX traders' Facebook chats - Bloomberg

27 October 2014  |  6437 views  |  0 comments | 5 tweets | 5 linkedin
Wall Street firms take on Bloomberg with new messaging platform

Wall Street firms take on Bloomberg with new messaging platform

01 October 2014  |  7671 views  |  0 comments | 3 tweets | 2 linkedin
Wall Street banks turn to messaging startup as Bloomberg alternative

Wall Street banks turn to messaging startup as Bloomberg alternative

04 August 2014  |  14975 views  |  0 comments | 10 tweets | 5 linkedin
Bloomberg bids to ease clients' chat room concerns

Bloomberg bids to ease clients' chat room concerns

18 December 2013  |  4153 views  |  0 comments | 4 tweets | 7 linkedin
Deutsche Bank bans chat rooms as Europe takes banks to task over rate rigging

Deutsche Bank bans chat rooms as Europe takes banks to task over rate rigging

04 December 2013  |  5559 views  |  0 comments | 1 tweets | 2 linkedin
UBS bans chat rooms

UBS bans chat rooms

28 November 2013  |  5916 views  |  5 comments | 9 tweets | 1 linkedin
Banks and Thomson Reuters join Markit messaging network

Banks and Thomson Reuters join Markit messaging network

07 October 2013  |  6567 views  |  0 comments | 3 tweets | 3 linkedin

Related company news

 

Related company information

Goldman Sachs

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.niceactimize.comvisit www.aciworldwide.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10650 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
10297 views comments | 18 tweets | 36 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
7686 views comments | 10 tweets | 10 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7349 views comments | 19 tweets | 22 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6772 views 0 | 4 tweets | 2 linkedin

Featured job

Find your next job