Financial information services firm Markit has acquired order management system supplier thinkFolio, expanding its reach in front office enterprise software.
London-based ThinkFolio provides a range of services including order management, portfolio modelling and cash management for derivatives markets to around 3,000 traders and portfolio managers. The firm’s client list includes Investec, M&G Investments and Royal London Asset Management.
ThinkFolio will now operate alongside Markit’s other business units, with its portfolio management software already integrated with enterprise data management and data services such as Transaction Cost Analysis and iBoxx fixed income indices. ThinkFolio CEO Andrew Walsh will also join the enterprise software management team at Markit.
“This acquisition expands Markit’s technology offering for the front office and enables customers to source order management and portfolio management software as well as enterprise data management, transaction cost analysis and risk analytics, all from a single provider,” said Daniel Simpson, managing director and head of enterprise software at Markit. Terms of the deal were not disclosed.
According to Denise Valentine, senior analyst at Aite Group, the acquisition deal will enable Markit to target growth in front office data demands, and will also provide benefits to thinkFolio and its existing customer base.
“Markit resources, such as a global salesforce, will enable thinkFolio to reach beyond its UK core of clients,” Valentine said. "thinkFolio’s clients, for their part, may benefit from an already integrated Markit EDM, an enterprise data management system."
“These days the front office is a data crunching hound for data and the tools need to absorb far greater volumes of data — in good form and on a timely basis."
Market has acquired a number of firms in recent years including securities lending data provider, Data Explorers, and enterprise data management specialist Cadis in 2012.
The firm has also moved into providing instant messaging services to trading firms, rivalling the likes of Bloomberg and Thomson Reuters.