Markit (Nasdaq: MRKT), a provider of financial information services, has formally completed its acquisition of DealHub, enabling foreign exchange (FX) solutions and connectivity, according to a Markit statement.
The acquisition was originally announced last month, after Markit layed out plans to acquire the provider of trade processing and trading services for FX markets. Markit had originally been targeting a completion of the acquisition of DealHub by Q3 2015, which finished only a few weeks after the announcement.
Markit has been highly active in the M&A business in 2015, already acquiring Information Mosaic and undergoing secondary share repurchases on its public stock offering this past June.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
The group’s acquisition of DealHub will help Markit’s already expanding business in FX – more specifically, it will enable Markit’s customers access to a broad-based solution for FX connectivity, trading services, trade confirmation and management, clearing and regulatory reporting. As per the new structuring, DealHub will also form part of Markit’s Processing division.
Speaking at the time on the acquisition, Brad Levy, Managing Director and Head of Markit’s Processing Division, noted, “DealHub is a great company and highly complementary to Markit’s growing FX processing business. This acquisition adds depth to our FX offering while bringing an exciting set of trading solutions to Markit. Connecting DealHub’s technology to our network will accelerate centralisation of FX trade processes, making it easier for customers to transact.”
Presently, DealHub’s customer base includes global banks, regional banks, interdealer brokers, FX electronic trading venues and asset managers. The way in which 2015 has unfolded, Markit could still be in the market for new acquisitions by year’s end.