Source: SR Labs
SR Labs, a leading provider of low latency market data and market access solutions for the financial industry, today announced it has agreed to acquire Wombat from Intercontinental Exchange.
"We are excited to make this acquisition and believe that together SR Labs and Wombat will deliver significant increases in performance and value to our combined client base," commented Srinivasan Ramiah, founder and CEO of SR Labs. "The merged company will be the first choice for market data and market access for financial firms globally. Our focus will continue to be product innovation and customer satisfaction."
SR Labs is the definitive Wall Street leader for market data and market access solutions. Wombat's consolidated data feeds, managed services, and DART entitlements are a natural complement to SR Labs global exchange coverage, market data cache, and low latency and institutional software solutions. When deployed with existing SR Labs feed handlers and exchange gateways the combined solution will give existing clients and financial institutions global access to best of breed monitoring and reporting tools for their market data environments. Together, SR Labs and Wombat serve the majority of the largest financial institutions worldwide.
"The SR Labs team looks forward to working with Wombat's development team and leveraging our joint domain knowledge and infrastructure to deliver optimal market data and exchange connectivity solutions," added Dipanjan Chatterjee, COO of SR Labs. "With this deal we have the opportunity to combine two great teams to deliver more innovation and value to our clients."
Insight Venture Partners, existing SR Labs investor, provided additional financing for the acquisition. "Financial services companies will benefit from the combination of these two world class software companies and their deep management experience," noted Deven Parekh, managing director of Insight Venture Partners, and chairman of the board of directors of SR Labs.