January 12, 2011

Markit, a global financial information services company, announced that it has acquired QuIC Financial Technologies (QuIC).

QuIC provides financial organisations with risk analytics solutions to test market and credit risk tolerance in financial portfolios and simulate risk at the enterprise level.

The acquisition will enable Markit to meet the growing demand for risk analytics and enterprise risk management services by combining its strengths in data and valuations with QuIC's analytics expertise, the company said.

Markit and QuIC's integrated platform will be well-positioned to offer a comprehensive solution for risk-related services spanning independent pricing, valuations and analytics across asset classes, Markit added.

QuIC will become part of Markit's valuations and analytics services unit, and will continue to provide all of its existing services to clients throughout the financial industry. Markit's data set, which spans all major asset classes in the cash and over-the-counter derivative markets - including credit default swaps, bonds, loans, equities, commodities and rates - will become a valuable input into the QuIC Engine#, the high speed computational framework that powers QuIC's solutions, according to a statement.

Markit recently combined its valuations and analytics services - comprised of Markit's Totem, Portfolio Valuations, Valuations Manager, Evaluated Bonds and Structured Finance businesses - under the direction of Executive Vice President Sal Naro.

Lance Uggla, CEO of Markit, said: "The field of risk analytics continues to grow at an accelerated pace and presents some very interesting opportunities for Markit. By acquiring one of the leading providers of risk analytics, Markit will gain significant enterprise risk management capabilities which will allow us to provide our customers with the comprehensive solutions they require to identify and manage risk."

Nigel Cairns, President and CEO of QuIC, said: "Joining forces with Markit will enhance our ability to offer state-of-the-art risk tools to the financial markets and other sectors. Risk analytics begin with good inputs and I am confident that, with Markit's data and resources, we will provide an even better service to our clients and be able to develop exciting new offerings, together with Markit." QuIC was founded in 1998 and is headquartered in Vancouver, Canada with offices in Calgary, London and New York. QuIC's 105 employees will join Markit.

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in ...