More NewsMarkit to acquire DealHub

Markit to acquire DealHub

Markit, the financial data provider, has agreed to acquire DealHub, which provides trade processing and trading services to the foreign exchange (FX) market. The purchase price was not disclosed.

Markit, the financial data provider, has agreed to acquire DealHub, which provides trade processing and trading services to the foreign exchange (FX) market. The purchase price was not disclosed.

The company said that that acquisition will enable it to offer customers a comprehensive solution for FX across venue connectivity, trading services, trade confirmation and management, clearing and regulatory reporting.  It will also expand Markit’s customer base among banks, brokers and asset managers in the FX markets.

“DealHub is a great company and highly complementary to Markit’s growing FX processing business,” said Brad Levy managing director and head of Markit’s processing division.

“This acquisition adds depth to our FX offering while bringing an exciting set of trading solutions to Markit. Connecting DealHub’s technology to our network will accelerate centralisation of FX trade processes, making it easier for customers to transact.”

Peter Kriskinans, founder and CEO of DealHub, commented: “We are excited about joining Markit since our businesses are so complementary.  Markit’s scale and global reach will allow us to better support our customers and will also accelerate innovation and further development of our technology.”

DealHub’s customers include global banks, regional banks, interdealer brokers, FX electronic trading venues and asset managers. The company has a staff of 55, the majority based in London and the others in its New York and Singapore offices.

The acquisition is expected to close in the third quarter of 2015. The transaction will be funded by a combination of cash and Markit’s revolving credit facility. The deal follows Markit’s US$200m deal earlier this month to acquire the regulatory reporting and data management services provider CoreOne Technologies.

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