London, New York and Singapore – Markit (Nasdaq: MRKT), a leading global provider of financial information services, today announced that it has agreed to acquire DealHub, a leading provider of trade processing and trading services to the foreign exchange market.
The acquisition will enable Markit 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.
Brad Levy, managing director and head of Markit’s Processing division, said: “DealHub is a great company and highly complementary to Markit’s growing FX processing business. 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 chief executive officer of DealHub, said: “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 approximately 55 people based primarily in London, with additional offices in New York and Singapore.
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. Financial terms of the transaction were not disclosed. Following completion of the acquisition, DealHub will become part of Markit’s Processing division. It is not expected to have a material impact on Markit’s financial results in 2015.
