Markit, a provider of financial information services, has agreed to purchase CoreOne Technologies, a provider of regulatory reporting and prime brokerage services to financial institutions, for $200m.
Following the acquisition, CoreOne’s four core products, RegOne, DeltaOne, VistaOne and PrimeOne will be integrated into Markit’s information and solutions divisions.
PrimeOne’s prime brokerage services will expand Markit’s software offerings, while DeltaOne’s index and exchange-trade product (ETP) coverage and user interface will boost its index and ETP data management business.
Markit said that the deal is part of the company’s long-term strategy to accelerate organic growth through acquisitions.
Markit chairman and CEO Lance Uggla said: "CoreOne is a great fit for Markit. Their services will strengthen our offerings and will allow us to better serve our customers."
CoreOne CEO Rob Flatley said: "We look forward to enhancing our offerings with Markit’s datasets, analytics and global distribution capabilities as we continue to deliver best in class services to our customers."
CoreOne, which was acquired by Symphony Technology Group in 2008, has over 500 customers including global banks, asset managers, wealth managers, sovereign wealth funds, investor services firms, custodians and exchanges.
Headquartered in New York, the company is supported by a team of 200 and has offices in Bangalore, Hong Kong and London.
The deal, which is subject to regulatory approval, is expected to complete in the fourth quarter of 2015.