Financial data provider Markit has agreed to acquire foreign exchange trade processing specialist DealHub.
Markit said the deal will enable it to offer customers a full solution for FX, covering venue connectivity, trading service, trade confirmation and regulatory reporting.
It will also benefit from a significant expansion of its customer base among banks, brokers and asset managers active 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.”
DealHub’s main office is located in London but it also has offices in New York and Singapore and employs 55 people.
The deal, which is funded through a combination of cash and Markit’s revolving credit facility, is expected to complete in Q3 2015. Financial details were not disclosed.