MarkitSERV will acquire Logicscope

Logicscope, a UK electronic trade notification platform, is to be acquired by is US counterpart MarkitSERV, in a push to extend its reach in processing foreign exchange transactions.

The deal, for an undisclosed sum, will give MarkitSERV a client base of more than 60 banks, brokers and exchanges and 400 financial institutions. Logicscope, which employs around 30 people, will be able to utilise MarkitSERV’s post-trade processing services, such as trade confirmation and connectivity to clearing houses. MarkitSERV is a joint venture between Markit, a UK financial data provider, and the Depository Trust & Clearing Corporation, the US post-trade services group.

‘Logicscope’s complementary technology and comprehensive product suite will enable us to offer the same standards of trade processing, connectivity and compliance to FX market participants that we currently offer for credit, rates and equity derivatives,’ said Jeff Gooch, chief executive of MarkitSERV.

The deal highlights how technological advancements, in the form of superfast trading, and sweeping regulatory reform is refashioning the trading process across many asset classes.

Round-up of todays M&A deals

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  • Optos, a medical retinal imaging company, will entered into a conditional agreement to acquire the assets and business of the instrumentation division of OPKO

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  • Rearden Commerce, creator of the Deem platform, will buy HomeRun.com, creator of the HomeRun social-buying service and its OfferEngine platform, which powers group commerce programs

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  • The Gores Group, will snap up fiber network and data center operator Alpheus Communications

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  • SAP has acquired German business-to-business e-commerce hub Crossgate to allow customers to collaborate and share data more effectively with partners, suppliers and clients

Value: undisclosed

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Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

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