Financial information services company Markit (Nasdaq: MRKT) is buying CoreOne Technologies from Symphony Technology Group in a $200 million cash deal. Markit is funding the acquisition through a combination of cash and debt.
New York-based CoreOne provides regulatory reporting and other data management services to hedge funds, investment banks and wealth managers. STG formed CoreOne in 2008 when the Palo Alto, Californina-based private equity firm bought financial data services company Netik from the Bank of New York Mellon Corp (NYSE: BK).
“CoreOne is a great fit for Markit. Their services will strengthen our offerings and will allow us to better serve our customers,” says Markit CEO Lance Uggla. “The transaction is consistent with our longterm strategy to accelerate organic growth through acquisitions.”
CoreOne is not the only acquisition that London-based Markit has made this year. In July, Markit completed the purchase of trade securities software firm Mosaic for undisclosed terms and in March, Markit said it will buy the Halifax House Index from Lloyds Banking Group for undisclosed terms.
In another recent financial services software deal, Q2 Holdings Inc. (NYSE: QTWO) buying privately held financial services security provider Centrix Solutions Inc. in a $29 million cash deal, announced in July. Lincolin, Nebraska-based Centrix provides financial services firms with products that help manage risk, detect fraud and improve security.