Technology and Innovation

Markit to buy CoreOne

Markit, a financial information services provider Markit, has agreed to acquire CoreOne Technologies, a provider of regulatory reporting, index management, data management and prime brokerage services to financial institutions.

The total consideration of around $200m will be funded using cash and Markit’s credit facility. The transaction is expected to close in the fourth quarter, subject to regulatory approval, and to be immediately accretive to adjusted earnings per share.

Markit chairman and CEO Lance Uggla described the company as a great fit, saying its services will strengthen Markit and allow it to better serve its customers. He went on to add that the transaction is consistent with Markit's long-term strategy to accelerate organic growth through acquisitions, and will enhance its position as a leading provider of financial information services.

CoreOne’s core products, RegOne, DeltaOne, VistaOne and PrimeOne will be integrated into Markit’s Information and Solutions divisions.

 

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