Financial markets technology services provider Pico announced this Tuesday that it has Corvil, for an undisclosed amount, with the transaction set to close in 30 days.
Corvil provides for financial markets infrastructure performance and operations. Once the acquisition has been completed, Corvil will operate under the Pico brand, however, the Corvil name will still be used for its suite of products and services.
Corvil’s CEO to become CTO post-acquisition
Corvil’s Chief Executive Officer Donal Byrne will take up the position of Chief Technology Officer (CTO) and will report to Pico’s CEO. He will have global responsibility for product, marketing and data science.
Following the deal being closed, clients of the data analytics company will still be able to access all of the company’s products, in addition to the newly-introduced Corvil-as-a-Service solutions, which will be available within Pico’s global network.
Source: LinkedIn
“Our motivation for acquiring Corvil is based on a commitment to our clients to deliver the industry’s best-in-class analytics and real-time insights. With Corvil, we can deliver full transparency into our clients’ trading and IT operations while addressing the challenges that come with rapid expansion into new global markets. I am thrilled to welcome the Corvil team to Pico.”
Once the analytics firm has been acquired, the new combined company will service a client base of more than 400 banks, exchanges, asset managers, financial technology vendors and trading firms. Altogether, the firm will have a workforce of more than 375 staff.
Source: LinkedIn
“In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you. With Pico, we are making a transformational move on the $50 billion financial technology services market.”
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