Netik, a financial software company delivering data warehouse solutions for data management and reporting, announced on Monday it has completed a buy-out of the Netik business from The Bank of New York Mellon Corporation and simultaneously acquired Capco Reference Data Services (CRDS) from Capco. The transaction was achieved through a strategic investment by Palo Alto-based Symphony Technology Group (STG).
Netik states it has known for some time that the Netik solution for reporting and data management should be provided as both software and as a service. The combined service and product will allow firms to pre-populate their data warehouses with reference and market data.
The new business is led by John Wise, CEO and Colin Close, president. Marlin and Associates New York was strategic and financial advisor to the Netik management team.
"Netik's focus as a data warehouse company for data management and reporting in the investment industry has resulted in a blue chip customer base that includes asset managers, prime brokers, fund administrators, outsourcers and custodians along with strategic partnerships with Advent Software's Geneva and Thomson Financial's PORTIA," says John Wise, CEO and original founder, Netik. "CRDS has expertise in market and reference data operations. We believe this combination of experience in software and services will allow us to offer a new solution to address market and reference data," he explains.
"The management teams of both Netik and CRDS have hundreds of years of combined experience in the securities industry," remarks Bernard Horn, non-executive director, Netik and ex-main board director of NatWest Group. "By combining these two teams, we have created a new force that understands the market and the need to improve data, information and operations automation within our industry," he adds.