Global financial information services company Markit has agreed to acquire Cadis, a global enterprise data management specialist platform.
Cadis’s platform addresses a multitude of data management needs including front-to-back office integration and data frameworks for trading, pricing, risk and compliance management.
The acquisition comes at a time when financial institutions are becoming increasingly reliant on EDM platforms to manage their big data challenges, reduce risk and comply with new regulations including Dodd-Frank, Basel III and Solvency II.
Lance Uggla (pictured), CEO of Markit, says: “Data management is top of our customers’ agenda; the scale and sophistication of the data they are managing have never been greater. Following this acquisition, we will be able to provide our customers with Cadis’s market-leading data management solution which has a fantastic track record for successful implementation. We look forward to building on these strong foundations.”
Daniel Simpson, CEO of Cadis, says: "Data is increasingly at the heart of financial institutions. Our EDM platform ensures our clients have the data they require to drive sound decision making. By combining our expertise with Markit’s distribution and customer network, we will be able to help more firms meet increased regulatory pressures and risk management demands.”
The Cadis team will operate as a business unit alongside Markit’s other independent enterprise solutions including Markit Analytics and Markit Portfolio Management. Daniel Simpson, Cadis’s current CEO, will continue to run the business post acquisition.
