London-based financial information vendor Markit has signed a deal to acquire FCS, a unit of JPMorgan Chase that provides portfolio and risk management software to syndicated loan market participants. Financial terms of the deal were not disclosed.
Markit says the acquisition of Dallas-based FCS will expand its presence in the loan market and enable it to develop products that improve operational efficiency and transparency in the loan markets.
Commenting on the acquisition, Lance Uggla, CEO of Markit,says: "Both FCS and Markit have long and proven track records of building critical infrastructure to support the global loan market, including software and pricing.
"By bringing together these complementary businesses, our syndicated loan platform will have over 350 loan market specialists, more than 400 institutional relationships and a shared vision for the future of the loan market.
Following the acquisition FCS president Mark Murray will be appointed executive vice president at Markit.