IT services provider Accenture has agreed to purchase Formicary, a provider of consulting and systems integration services for trading platforms in the UK and North America, for an undisclosed sum.
The company said the deal will further boost Accenture’s capabilities in assisting banks, asset managers, hedge funds and clearing organisations transform their trading technology platforms as well as quickly adapt to market and regulatory change.
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The transaction is currently subject to customary closing requirements.
Founded in 2000, Formicary has offices in London, Toronto and New York. Its clients include tier-one investment banks, hedge funds, clearing houses and fund administrators.
Formicary specializes in financial trading systems consulting, systems integration and migration, and IT services and software for over-the-counter (OTC) clearing.
Accenture capital markets practice global managing director Owen Jelf said: "With highly skilled professionals and deep market experience in everything from digital transformation to global regulatory compliance, Formicary will help us strengthen our trading services capabilities to help financial services firms become more competitive and adaptive to change in continuously evolving markets."
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By GlobalDataFormicary managing director Joseph Do said: "As significant cost pressures continue to force capital markets firms to re-evaluate their trading capabilities, our combined efforts will enable us to deliver large-scale digital transformations that can help them reduce costs while increasing the scale and profitability of their trading operations."
