Financial markets technology services provider Pico announced this Tuesday that it has signed a definitive agreement to acquire Corvil, for an undisclosed amount, with the transaction set to close in 30 days.
Corvil provides real-time analytics and machine intelligence products for financial markets infrastructure performance and operations. Once the acquisition has been completed, Corvil will operate under the Pico brand; however, the Corvil name will still be used for its suite of products and services.
Corvil’s CEO to become CTO post-acquisition
Corvil’s Chief Executive Officer Donal Byrne will take up the position of Chief Technology Officer (CTO) and will report to Pico’s CEO. He will have global responsibility for product, marketing, and data science.
Following the deal being closed, clients of the data analytics company will still be able to access all of the company’s products, in addition to the newly-introduced Corvil-as-a-Service solutions, which will be available within Pico’s global network.
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Commenting on the transaction, Jarrod Yuster, Founder and CEO of Pico said: “Corvil’s reputation is second to none for innovation, quality, and data analytics in the financial markets, and we have come to rely on their data to support mission-critical systems.”
“Our motivation for acquiring Corvil is based on a commitment to our clients to deliver the industry’s best-in-class analytics and real-time insights. With Corvil, we can deliver full transparency into our clients’ trading and IT operations while addressing the challenges that come with rapid expansion into new global markets. I am thrilled to welcome the Corvil team to Pico.”
Once the analytics firm has been acquired, the new combined company will service a client base of more than 400 banks, exchanges, asset managers, financial technology vendors, and trading firms. Altogether, the firm will have a workforce of more than 375 staff.
“We see a new era of financial technology for the capital markets emerging. This will be defined by an on-demand and machine intelligent technology paradigm delivered as a service for infrastructure, platform, cloud, data and analytics,” added Byrne, CEO of Corvil.
“In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you. With Pico, we are making a transformational move on the $50 billion financial technology services market.”