Markit buys Dublin-based software firm Information Mosaic

Dublin-based software company Information Mosaic has been bought by financial information services firm Markit.

The value of the deal was not disclosed.

Information Mosaic develops enterprise software with a focus on corporate actions and post trade securities processing. It currently employs around 200 people, with its main offices in Dublin and New Delhi, and other offices in London, New York, Singapore and Kuala Lumpur.

The deal, which is set to close in the third quarter of the year, will see Information Mosaic’s business integrated into Markit’s Solutions division.

“Information Mosaic is known for its leadership in corporate actions, a critical, complex and challenging area of operational risk for many financial institutions,” said Markit’s Michele Trogni. “The combination of deep domain expertise, data and technology assets created by this acquisition will position Markit as a leading provider of end to end corporate actions services.”

Information Mosaic’s current customer list includes banks, asset managers, wealth managers, sovereign wealth funds, investor services firms, custodians and exchanges.

"Over the past several years, Information Mosaic has transformed its operations with a renewed focus on customers and an expanded core corporate actions and post trade securities processing business," said Ullrich Kunz, chief executive officer and chairman of Information Mosaic. "By combining our company with Markit's global scale and distribution capabilities, both our customers and employees can realise significant benefits. We are excited by the future potential for both our company and our customers as part of Markit."