Financial information services company Markit has agreed to purchase Cadis, an enterprise data management provider.
The deal follows Markit’s acquisition of securities lending data provider Data Explorers in April.
Cadis was established in 2007. Its customers include investment banks, central banks, insurance companies, regulators, asset managers and hedge funds.
Its enterprise data management (EDM) platform consolidates data from multiple sources within a centralised hub, providing users with reliable, transparent and auditable data.
The platform addresses data management needs such as front-to-back office integration and data frameworks for trading, pricing, and risk and compliance management.
The acquisition comes at a time when financial institutions are becoming increasingly reliant on EDM platforms to manage their data challenges and comply with new regulations, including Dodd-Frank, Basel III and Solvency II.
Markit’s acquisition of Data Explorers in April also came in response to changing regulatory conditions in securities financing markets. The company is positioning itself to capitalise on new data management needs.
Of the Cadis deal, Lance Uggla, CEO of Markit, said: “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’ market-leading data management solution which has a fantastic track record for successful implementation.”
The Cadis team will operate as a business unit alongside Markit’s other independent enterprise solutions.
Daniel Simpson, who is Cadis’s current CEO, will continue to run the business once the acquisition is complete. The financial details of the deal were not disclosed.
Simpson said: “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.”
