Markit has agreed to acquire CoreOne Technologies, a provider of regulatory reporting, index management, data management and prime brokerage services to financial institutions.
Lance Uggla (pictured), chairman and chief executive officer of Markit, says: “CoreOne is a great fit for Markit. I’m delighted to announce our acquisition of a highly regarded company with a dynamic, entrepreneurial culture similar to 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.”
Rob Flatley, chief executive officer of CoreOne, said: “We’re excited about joining Markit and the benefits this will bring to our customers and employees. We look forward to enhancing our offerings with Markit’s datasets, analytics and global distribution capabilities as we continue to deliver best in class services to our customers.”
Following closing, CoreOne’s four core products, RegOne, DeltaOne, VistaOne and PrimeOne will be integrated into Markit’s Information and Solutions divisions.
RegOne’s trade execution quality and regulatory reporting solution will complement Markit’s equity transaction analytics capabilities
DeltaOne’s index and ETP coverage and state-of-the-art user interface will enhance Markit’s index and ETP data management business
VistaOne’s data warehouse, reporting and documentation tools will enrich Markit’s Enterprise Data Management platform
PrimeOne’s prime brokerage services will extend Markit’s software offerings
CoreOne 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 total consideration payable is approximately USD200 million and will be funded using cash and Markit’s credit facility. The transaction is expected to close in the fourth quarter, subject to regulatory approval, and is expected to be immediately accretive to adjusted earnings per share upon completion.