Cloud provider Abacus Group has acquired competitor Proactive Technologies to become the largest IT managed services provider for alternative investment firms in the New York metropolitan region, officials say. The acquisition will cement a relationship that began as a partnership and will lead to a wider array of services for their mutual customers, say Abacus… Read More >>
Drilling Down on SS&C’s Acquisitions in 2018
(For the securities operations industry, last year saw many key mergers and acquisitions in several sectors: financial services firms, financial technology vendors, service providers and even between firms and vendors. A major provider to the securities industry, SS&C Technologies had its share of acquisitions, adding DST Systems, Eze Software, CACEIS North America and Intralinks to… Read More >>
CRD Partners with AcadiaSoft & Expands Liquidnet Alliance
Charles River Development (CRD) will be working with AcadiaSoft via a new business alliance and expanding its partnership with Liquidnet — its first major industry moves since its acquisition last year by custodian giant State Street Corp. for $2.6 billion. When CRD was acquired in October 2018, the combined companies announced that they would build… Read More >>
Bakkt Secures $182 Million in Funding
Twelve Major Investors Fund BAKKT’s Future Crypto-currency platform startup Bakkt has completed its first round of funding of $182.5 million “from 12 partners and investors who, like us, believe in the future of digital assets,” says Kelly Loeffler, Bakkt CEO, in a recent blog posting on the company’s website. “The partners and investors in… Read More >>
LPL Financial Buys AdvisoryWorld for $28 Million
LPL Financial LLC, the broker-dealer and retail investment advisor (RIA), is acquiring IT provider AdvisoryWorld for $28 million in an effort to speed up LPL’s push to offer capabilities that support the digital evolution of advisors and boost their efficiency. LPL officials say that the transaction closed on Dec. 3, 2018, and that the firm… Read More >>
Autonomous Research to Become Part of AllianceBernstein
AllianceBernstein (AB) has put forth an offer to buy Autonomous Research, based in London, in a bid to provide AB clients the “highest quality independent research,” say officials at the U.S. asset manager. AB officials did not disclose the financial details of the transaction. AB, which has $530 billion of assets under management (AuM), encompasses… Read More >>
NEX Optimisation Provides Access to FX Novation Service
NEX Infinity Users Get Access to Capitolis Customers of the NEX Infinity platform now have access to the automated foreign exchange (FX) novation service of U.S. startup Capitolis via a partnership intended to appeal to the customers of banks, prime brokers and financial services firms that are FX market participants. Most novations are completed via… Read More >>
Nasdaq to Bolster Infrastructure Offerings via Cinnober Acquisition
Trading exchanges company Nasdaq has made a $190 million, recommended all-cash public offer to purchase Swedish financial technology provider Cinnober, which serves key players in the securities industry. The offer to the shareholders and warrant holders of Cinnober is intended to strengthen Nasdaq’s position as an infrastructure provider of trading, clearing and exchange technology and… Read More >>
State Street to Buy CRD for $2.6 Billion
Custodian giant State Street Corp. is moving to acquire investment software vendor Charles River Development (CRD) for $2.6 billion and plans to combine CRD’s front- and middle-office software as a service (SaaS) offerings with State Street’s technology to create a more comprehensive transaction processing system, tailored to new buy-side demands. The $2.6 billion acquisition will… Read More >>
StatPro Acquires Risk Services Unit to Bolster ‘Revolution’
Performance measurement vendor StatPro has acquired for an undisclosed sum the regulatory risk services bureau from Franco-German financial services group ODDO BHF in an effort to satisfy asset managers that increasingly want to outsource reporting and regulatory tasks. The cash acquisition was signed June 29 and took effect July 2, a StatPro official tells FTF… Read More >>
