Markit (Nasdaq: MRKT), a provider of financial information services, has agreed to terms that will see the acquisition of Information Mosaic, a software provider for corporate actions and post-trade securities processing, according to a Markit statement.
The acquisition will help Markit extend its corporate actions service via Information Mosaic’s enterprise software. Moreover, the integration will work towards supporting the Markit’s trade lifecycle, namely across its asset servicing solutions.
Per the acquisition, Information Mosaic will be assimilated into Markit’s Solutions division, which will be led by Paul Taylor, its managing director – he will be reporting to Michele Trogni, Managing Director, co-Head of Solutions at Markit.
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The financial terms of the acquisition have not been disclosed yet, while an eventual transaction closure date is slated to take place by Q3 2015, pending customary and regulatory conditions along with shareholder approval.
According to Ms. Trogni in a recent statement on the acquisition, “Information Mosaic is known for its leadership in corporate actions, a critical, complex and challenging area of operational risk for many financial institutions. The combination of deep domain expertise, data and technology assets created by this acquisition will position Markit as a leading provider of end to end corporate actions services.”
“Over the past several years, Information Mosaic has transformed its operations with a renewed focus on customers and an expanded core corporate actions and post trade securities processing business. By combining our company with Markit’s global scale and distribution capabilities, both our customers and employees can realize significant benefits. We are excited by the future potential for both our company and our customers as part of Markit,” added Ulrich Kunz, Chief Executive Officer and Chairman of Information Mosaic, in an accompanying statement.
Last month, Markit appointed Ranjit Moses as its newest Chief Marketing Officer, where he joined the group’s leadership team. Mr. Ranjit joined Markit with over 25 years of both marketing and communications experience.