ICAP, a markets operator and provider of post trade risk mitigation and information services, has acquired ENSO Financial Analytics (ENSO), a leading provider of a data analytics platform for hedge funds and prime brokers, as it seeks to expand its fintech offering.
Part of its strategy to continue expanding its portfolio
The acquisition, which follows last month’s reverse takeover deal between ICAP and Tullett Prebon, has been spearheaded by Euclid Opportunities, ICAP’s early-stage fintech investment incubator. ICAP has already made a number of early-stage financial technology investments through Euclid Opportunities, and its latest acquisition is part of its strategy to continue expanding its portfolio by identifying emerging companies with new platforms, business models and technologies with potential to drive efficiency, transparency and scale across the post-transaction lifecycle.
Euclid made its first investment in ENSO in June 2013. A subsequent investment followed in October 2014, allowing for the further growth of the business.
ENSO will now become a subsidiary of ICAP’s Post Trade Risk and Information (PTRI) division. ENSO founders Matthew Bernard, Michael Gentile, and Dwaine Alleyne will continue in their leadership positions with ENSO and will report to Jenny Knott, CEO PTRI.
Together, we will have the opportunity to take the business to the next stage of its growth.
Commenting on its latest acquisition, Michael Spencer, Group Chief Executive Officer, ICAP, said: “I welcome the ENSO team to the ICAP Group of companies. They will benefit from our networks, our years of experience and our expertise in the markets we serve. Together, we will have the opportunity to take the business to the next stage of its growth.”
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Matthew Bernard, co-founder of ENSO, added: “ICAP’s initial investments helped us expand in the US and UK, while continuing to invest in new product generation. Being part of the ICAP platform will propel our expansion and innovation strategy even further.”
ICAP is recognised in the industry for matching buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services, the company helps customers manage and mitigate risks in their portfolios.
The inclusion of ENSO’s portfolio analytics and operational insights offerings to the hedge fund and asset management industry complements ICAP’s existing business while creating synergies and opportunities to expand the company’s products and analytics services to the hedge fund and the buy side community.