Markit, a leading, global financial information services company, today announced it has agreed to acquire Cadis, the global enterprise data management specialist.
Cadis’ enterprise data management (EDM) platform consolidates data from multiple sources within a centralised hub, providing users with reliable, transparent and auditable data. The best in class 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, CEO of Markit, said: “Data management is top of just about every financial institution’s agenda; the scale and complexity 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 comes with a fantastic track record in successful implementation. The EDM space is large, global and growing and Cadis fits well with Markit’s entrepreneurial growth-oriented culture.”
Daniel Simpson, CEO of Cadis, said: "Data is increasingly at the heart of financial institutions. Our EDM platform ensures our customers 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.”
Cadis was established in 2007. The company has employees in London, New York, Boston, Hong Kong, Luxembourg, Manchester, Paris, Sydney and Tokyo. It has numerous customers globally including investment banks, central banks, insurance companies, regulators, asset managers and hedge funds.
The Cadis team will operate as a business unit alongside Markit’s other enterprise solutions including Markit Analytics, Markit Portfolio Management and Markit on Demand. Daniel Simpson, Cadis CEO, will join Markit’s executive management team.