Markit acquires DealHub to enhance Forex offering

Markit Ltd (NASDAQ:MRKT), an international provider of financial information services, today announced that it has agreed to acquire DealHub, a provider of trade processing and trading services to the Forex market.

The acquisition, of which no financial terms were revealed, is expected to close in the third quarter of 2015. The transaction will be funded through a combination of cash and Markit’s revolving credit facility.

After the deal completion, DealHub will become part of Markit’s Processing division. It is not anticipated to have a significant impact on Markit’s financial results for 2015.

The acquisition will enable Markit to offer customers a comprehensive solution for Forex across venue connectivity, trading services, trade confirmation and management, clearing and regulatory reporting. It is also set also boost Markit’s customer base among banks, brokers and asset managers in the Forex markets.

Brad Levy, managing director and head of Markit’s Processing division, said:

DealHub is a great company and highly complementary to Markit’s growing FX processing business. This acquisition adds depth to our FX offering while bringing an exciting set of trading solutions to Markit. Connecting DealHub’s technology to our network will accelerate centralisation of FX trade processes, making it easier for customers to transact.”

Peter Kriskinans, founder and chief executive officer of DealHub, said: “We are excited about joining Markit since our businesses are so complementary. Markit’s scale and global reach will allow us to better support our customers and will also accelerate innovation and further development of our technology.”

DealHub’s customers range includes global banks, regional banks, interdealer brokers, FX electronic trading venues and asset managers. The company currently has approximately 55 people based primarily in London, with additional offices in New York and Singapore.

To view the official announcement, click here.

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