Financial information services company Markit today announced it has agreed to acquire New York-based Cadis, a provider of enterprise data management services.
Markit, based in London, said the acquisition will help position the company at a time when financial institutions are becoming increasingly reliant on enterprise data management (EDM) platforms to manage their big data challenges, reduce risk and comply with new regulations.
Cadis' EDM platform consolidates data from multiple sources within a centralized hub, and provides data management needs including front-to-back office integration and data frameworks for trading, pricing, risk and compliance management.
"Data management is top of just about every financial institution's agenda; the scale and complexity of the data they are managing have never been greater," said Lance Uggla, CEO of Markit. "Following this acquisition, we will be able to provide our customers with Cadis' market-leading data management solution which comes with a fantastic track record in successful implementation. The EDM space is large, global and growing and Cadis fits well with Markit's entrepreneurial growth-oriented culture."