Markit to acquire CoreOne Technologies for $200 million

Markit to acquire CoreOne Technologies for $200 million

Financial data outfit Markit has continued its acquisition spree with a $200 million deal for New York-based CoreOne Technologies.

The deal is seen as complementary to Markit's existing range of regulatory reporting, index management, data management and prime brokerage services for financial institutions.

Lance Uggla, chairman and chief executive officer says: “CoreOne is a great fit for Markit. Their services will strengthen our offerings and will allow us to better serve our customers. The transaction is consistent with our longterm strategy to accelerate organic growth through acquisitions, and will enhance our position as a leading provider of financial information services.”

A Symphony Technology Group portfolio company, CoreOne - formerly known as Netik - was created in 2008 following a buyout of the business from The Bank of New York Mellon and simultaneous acquisition of Capco Reference Data Services.

CoreOne now has more than 500 customers including global banks, asset managers, wealth managers, sovereign wealth funds, investor services firms, custodians and exchanges. The company is supported by a team of 200, with headquarters in New York and additional presence in Bangalore, Hong Kong and London.

The deal, to be financed in cash and through Markit's credit facility, is expected to close in the fourth quarter, at which time CoreOne’s four chief products, RegOne, DeltaOne, VistaOne and PrimeOne will be integrated into Markit’s Information and Solutions divisions.

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