Stockholm-headquartered Cinnober has acquires UK-based market surveillance outfit Ancoa, which filed for bankruptcy in 2016 after failing to generate fresh funding.
Ancoa Software had been trading for seven years across two offices in London and its client roster included Convergex, MarketAxess, Linear Investments, Energie Steiermark and Cenkos Securities.
In 2016, the company turned over more than £1.1m, the majority of which was generated by three to five-year licensing agreements for its market surveillance platform. Ancoa became insolvent when it failed to secure further funding to keep the business ticking over.
Alex Cadwallader, director at Leonard Curtis Business Solutions Group and one of the Joint Administrators of Ancoa, says: “This deal has enabled the ownership of the business and certain assets to transfer to Cinnober without any disruption. We feel that it is the best outcome for all employees as well as customers.”
Cinnober has been a business partner of Ancoa for the past three years, says CEO Veronica Augustsson.
“By bringing Ancoa into Cinnober we are now adding new competences as well as deepening our leading product portfolio targeting banks and brokers as well as exchanges and clearinghouses”, she says. “We’re also adding approximately ten additional customers to our client base, within a highly interesting segment of our business niche driven by regulatory demands.”