Corvil to be acquired by fintech multinational Pico
9 July 2019 | 0
Corvil, a developer of real-time analytics and machine intelligence products for financial markets is to be acquired by fintech multinational Pico. Financial terms of the deal were not released.
The Irish company will now operate under the Pico brand with the Corvil name used for its existing portfolio of products and services.
The combined entity will serve a combined client base of over 400 banks, exchanges, asset managers, financial technology vendors and trading firms operating across five continents, with a workforce of more than 375 staff working on in low-latency technologies, automation, machine learning and data science.
Donal Byrne, CEO, Corvil, said: “We see a new era of financial technology for the capital markets emerging. This will be defined by an on-demand and machine intelligent technology paradigm delivered as a service for infrastructure, platform, cloud, data and analytics.
“In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you. With Pico, we are making a transformational move on the $50 billion financial technology services market.”
Pico CEO and founder Jarrod Yuster added: “With Pico as a premiere technology service provider to the capital markets, our clients have benefited from access to a wide range of top trading technologies within the Pico environment.”
“Our motivation for acquiring Corvil is based on a commitment to our clients to deliver the industry’s best-in-class analytics and real-time insights. With Corvil, we can deliver full transparency into our clients’ trading and IT operations while addressing the challenges that come with rapid expansion into new global markets.”
Pico’s clients include Goldman Sachs, J.P. Morgan, UBS and Wells Fargo.