Financial data outfit Markit has agreed to buy DealHub, a provider of trade processing and trading services to the foreign exchange market. Financial terms were not disclosed.
Option Computers-owned DealHub employs around 55 people, mostly in London, and claims 16 of the world's top 20 FX banks, as well as interdealer brokers, FX electronic trading venues and asset managers, among its customers.
Markit says that the deal, slated to closed in the third quarter, will enable it to offer customers comprehensive FX coverage, from venue connectivity, trading services, trade confirmation and management, clearing and regulatory reporting.
Brad Levy, MD, head of processing division, Markit, says: "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."
The acquisition is expected to close in the third quarter of 2015 and will be funded by a combination of cash and Markit’s revolving credit facility.
Markit has been on a buying splurge in recent months, striking deals for Dublin-based corporate actions and post-trade vendor Information Mosaic and New York's CoreOne Technologies in the last couple of months.