Pico, a technology service provider that offers services to the global financial markets community, will acquire Corvil-An Irish based data analytics company.
Pico revealed the development news on Tuesday by saying that the company has inked a specific deal to purchase Corvil. Pico did not reveal about the financial details but rather said the transaction will be completed within a month.
Corvil- A real-time data analytics firm, headquartered at Irish was established in 2000 by the late professor John Lewis and three post-graduate students of Trinity College Dublin. The company provides analytics and machine intelligence services for financial markets infrastructure performance and activities.
After completing the acquisition process, Corvil will function within the brand name of Pico. The Corvil name will not be changed and will be used for its group of services and products.
Once the deal is completed, Corvil’s clients will be permitted to retrieve all the products of the company and can even access newly launched Corvil as a Service based solution. Corvil as a Service solution will be accessible within the global network of Pico.
Pico’s CEO and founder, Jarrod Yuster responded to the acquisition saying,
“Corvil’s reputation is second to none for innovation, quality, and data analytics in the financial markets, and we have come to rely on their data to support mission-critical systems. 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. I am thrilled to welcome the Corvil team to Pico.”
Once Corvil acquired by Pico, the new integrated firm will offer services to more than 400 bank clients, asset managers, exchanges, trading companies, and financial technology traders. The company will have more than 375 employees.
Corvil’s Chief Executive Officer, Donal Byrne mentions, we witness a new era of financial technology for the emerging capital markets. This will be determined by requirement and machine intelligence technology model offered as a product for infrastructure, cloud, data, platform, and analytics. In the rapidly progressing global financial markets, you should implement a step in the markets before the market’s advances. In association with Pico, Corvil is implementing a transformational measure over the financial technology service market of worth $50 billion.
Corvil will operate within Pico and the CEO of Corvil will be appointed as Chief Technology Officer (CTO) of the newly merged company. The CTO needs to report every move to CEO of Pico. CTO will take over the worldwide responsibility of products, data science, and marketing.
Corvil as a Service solution is a specific mixture of products and service that will control Pico’s capability to configure, deploy, and operate the ecosystem of Corvil. This will significantly simplify investor’s onboarding, decrease or remove training and resourcing needs and offer cost-effectiveness that might have been obstacles for adoption in the past.