Symphony acquires Markit technology assets 02 December 2014California Reporter: Stephen Durham
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Symphony Communication Services is to acquire technology assets developed by Collaboration Services, the open messaging network from Markit.
In October, Symphony was formed by a group of the world's leading financial institutions. This acquisition represents the company's first major transaction since its founding.
With technology acquired from Markit, Symphony will provide a secure directory for managing contacts across the financial services industry.
Symphony will populate the directory with vetted contacts from firms and users validated by network participants, allowing for enhanced identity management.
Further streamlining communication and improving productivity, the directory will make it simple to locate and contact professionals within the financial services industry.
"We are pleased to now offer our customers the ability to connect and collaborate with a network of validated industry professionals within Symphony’s secure messaging and workflow platform," said David Gurle, CEO of Symphony.
"The integration of these two highly complementary services sets us apart from other enterprise collaboration and messaging platforms by providing secure, seamless communication that connects users with their community.”
“As Symphony expands, we plan to look for similar opportunities to continue to bring value to our clients in a range of industries.”
The transaction closed on 28 November 2014. The two firms will continue to collaborate on joint initiatives.
Brad Levy, managing director and head of Markit’s processing business, added: “We achieved several firsts in the financial services industry with Collaboration Services.”
“Symphony will help realise our vision that open networks will fundamentally change how people work and communicate in our industry, by combining our respective collaboration assets.”
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