Euronext, the pan-European exchange in the Eurozone, has announced the acquisition of 78% of the capital of Commcise from its founders for an initial cash consideration of £27 million.
Commcise is a Software as a Service (SaaS) provider of research evaluation and commission management solutions for financial services firms, combining research funding, consumption and accounting into a single fully integrated platform.
Commcise currently offers three products:
- CommciseBUY provides asset managers with a cloud-hosted platform to manage their research funding and associated cost allocation (irrespective of whether its paid through trading, direct charge to clients or P&L), automated trade reconciliation, resource consumption tracking, contract management, research accounting, as well as flexible reporting tools to improve transparency in line with MiFID II regulation;
- CommciseSELL is a cloud-hosted platform for broker-dealers and research providers covering commission management and service pricing;
- CommciseRP is a service pricing and client profitability tool designed to meet the specific needs of independent research providers.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
The acquisition of Commcise demonstrates our commitment to increasing our value proposition for all our customers. Capitalising on its track record of delivering new value-added services to issuers, Euronext is addressing the needs of the buy-side and sell-side communities with ways of simplifying their business and efficiently managing research procurement and commissioning across the globe. The acquisition is consistent with our disciplined approach to M&A and our Agility for Growth strategic plan, with the goal of serving Euronext’s client base through a broader range of services.
Amrish Ganatra, Chief Executive Officer of Commcise, commented:
Euronext’s acquisition of a majority stake in Commcise underlines the leading position we have already achieved in our market. The senior management team of Commcise is very excited by the next stage of growth and the opportunities we can realise as part of Euronext. We are fully aligned with Euronext’s strategy of delivering value to customers across the buy-side, sell-side and corporate communities. Euronext already has an impressive eco-system which Commcise will complement to the benefit of the customers of the combined group and a growing set of new business partners.