Markit acquires specialist vendor Prism Valuation
Markit, an international provider of financial information services, is buying Prism Valuation, a specialist in independent valuation and risk analysis of derivatives and structured products.
Markit says this acquisition will complement its portfolio valuations service, as it will provide enhanced coverage of complex OTC derivatives and structured OTC products.
It will also expand Markit’s customer base among regional banks, custodians, asset managers and issuers of structured notes.
Keldon Drudge, founder and CEO of Prism Valuation, believes that his company and its clients will benefit from “Markit’s scale and global reach”.
Prism Valuation was set up in 2006 in Toronto. It has 38 employees and offices in London and Melbourne. Among its clients are Northern Trust, Interactive Data and Capital One. The company says it has over 100 end-user clients globally that subscribe to its valuation and other services.
The acquisition is expected to close in the coming weeks.
Financial terms were not disclosed, but Markit says the transaction will not have a material impact on its financial results in 2016.
Earlier this year, Markit bought a syndicated loan tech development from JP Morgan.
In March, it agreed an all-share merger of equals with another data provider IHS, with the transaction expected to close in the second half of 2016.
Last year, Markit bought Information Mosaic, a software provider for corporate actions and post trade securities processing.
Back in 2011/12, it took over Data Explorers, the securities lending data provider, and Quantitative Services Group (QSG), a provider of equity research, trading analytics and investment consulting services.