Pico announced it has signed a definitive agreement to acquire Corvil, a provider of real-time analytics and machine intelligence products for financial markets infrastructure performance and operations. Pico is a capital markets technology services provider for global infrastructure, connectivity, cloud technology and data. The acquisition is expected to close within 30 days and financial details were not disclosed.
Jarrod Yuster, founder and CEO of Pico, said in a statement that the acquisition is expected to deliver to clients full transparency into trading and IT operations while addressing the challenges that come with rapid expansion into new global markets.
Pico is a privately held company with a consortium of investors holding a minority ownership position, many of which are also clients, including Goldman Sachs, J.P. Morgan, UBS and Wells Fargo. “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,” said Ashwin Gupta, MD, Principal Strategic Investments at Goldman Sachs, in a statement.
Servicing a combined client base of over 400 leading banks, exchanges, asset managers, financial technology vendors and trading firms operating across five continents, the company will have a workforce of over 375 staff with deep expertise in low-latency technologies, automation, machine learning and data science, along with extensive domain knowledge for operating and delivering high-performance financial infrastructure globally.
“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,” said Donal Byrne, CEO of Corvil. Byrne will take up the position of Chief Technology Officer (CTO), reporting to Yuster, with global responsibility for product, marketing and data science.
The company will operate under the Pico brand while the Corvil name will continue to be used for its portfolio of products and services. Clients will be able to procure all currently available Corvil products as well as newly introduced Corvil-as-a-Service solutions available within Pico’s global network and infrastructure. Corvil-as-a-Service is a service and product combination that will harness Pico’s in-house expertise to deploy, configure, and operate Corvil environments. This will greatly simplify clients’ on-boarding, reduce or eliminate up-front training and resourcing requirements, and provide cost efficiencies that may have previously been barriers to adoption.