Calypso acquires stake in Sernova Financial
24 July 2017 | 2618 views | 0
Calypso Technology, Inc., a leading provider of capital markets and investment management software, announced today that it has acquired a minority stake in the capital of Sernova Financial, a provider of Cloud-based clearing and post trade services.
Powered by the Calypso Cloud platform, Sernova Financial recreates the shared infrastructure and service items of clearing brokers. By reducing the transaction costs and providing optimal workflows, Sernova lowers the barriers to centralised clearing for regional banks and investment managers.
"Calypso seeks to make the financial markets really work on Cloud," said Calypso CEO Pascal Xatart. "Our investment and partnership with Sernova Financial will broaden the markets we serve by providing the industry with a turnkey cloud-based solution to access the Centralised Clearing Counterparties (CCPs) network".
Venkatesh Ramasamy, Executive Chairman and Co-Founder, Sernova Financial, added, "Calypso entry into our capital strengthens our technical and commercial partnership with a recognised industry leader. Regulatory hurdles have reduced the number of clearing brokers and increased the cost of their services. Providing unrivalled cost and operational efficiency, Sernova needed to expand its product coverage to address a soaring demand".