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Pico to buy Corvil
Posted on Wednesday, 10 July 2019 12:21
Pico Quantitative Trading is acquiring Corvil, an Ireland-based provider of data analytics and performance monitoring products for electronic financial markets, for an undisclosed sum.

Following the deal, which is slated to close within the next 30 days, the target will operate under the buyer’s brand, but its name will be used for its portfolio of activities and services.

Headquartered in Dublin, Corvil provides monitoring and business analytics in real-time, enabling clients to assess the performance and security of their businesses.

Its offerings include network analytics, which can identify obscure bottlenecks affecting user experiences, and it collects data that allows customers to address any trends developing across the network.

The group works on electronic transactions worth over USD 1,000 billion per day.

Corvil’s clients include BT, Nasdaq, the London Stock Exchange and CenturyLink.

Through the acquisition, the purchaser will increase its employee base to 375 people.

Furthermore, Pico will gain the Corvil-as-a-service platform, which will help reduce client’s training and resourcing requirements and ensure cost savings.

Donal Byrne, chief executive of the target, said: “With Pico, we are making a transformational move on the USD 50.00 billion financial technology services market.”

Established in 2009, the US-based acquiror provides market data and customised managed infrastructure technology for the global capital markets.

The company has five offices and over 30 data centres worldwide and has received investment from the likes of Goldman Sachs, UBS, JPMorgan and Wells Fargo.

Ashwin Gupta, managing director at Goldman Sachs, said: “The acquisition of Corvil accelerates Pico’s strategy to integrate advanced analytics-as-a-service into their global platform and positions the combined company for continued long-term growth.”

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 1,223 deals targeting custom computer programming services operators announced worldwide since the beginning of 2019.

The largest of these saw Atos sell a 23.5 per cent stake in France’s Worldline for EUR 2.43 billion.

Other targets featured in this sector include ConnectWise, Efront Holding and NSO Group Technologies.

© Zephus Ltd