Financial information provider Markit has acquired portfolio management software specialist, thinkFolio.
The deal will enable Markit to enter the order management system (OMS) market and expands it front-office software capabilities.
Markit already provides analytics software to the front-office, facilitating risk management and optimising trading decisions and is set to launch a trader dashboard product later this year, which will further its support to improve execution performance.
London-based thinkFolio offers OMS, portfolio modeling, compliance and cash management capabilities for both cash and derivative markets. It covers multiple asset classes.
Currently around 3,000 traders and portfolio managers at buy-side institutions are using thinkFolio software and it is already integrated with some of Markit’s existing data services, including it transactions cost analysis and iBoxx fixed income indices.
Andrew Walsh, CEO and founder of thinkFolio, will become a member of the enterprise software management team at Markit and thinkFolio will sit within this division, alongside its analytics and enterprise data management products.
Commenting on the deal, Walsh said: “Our experience of working with Markit on product integration has been extremely positive and gives us great confidence that we will thrive as part of Markit.
“Markit’s global reach will take our product to the next level and help drive our mission of providing a first-class product with excellent customer support.”