always been a hallmark of Markit, the financial information
services company Lance Uggla founded in 2003.
By the time it went public, in June 2014, London-based Markit
was buying businesses at the rate of about three a year.
Acquisitions contributed $18.4 million to this years
first-quarter revenue of $287.8 million. However, the 2015
deals in that accounting CoreOne Technologies in
regulatory reporting and data management, DealHub in foreign
exchange processing and Information Mosaic in corporate actions
and posttrade software were mere warm-ups for the
blockbuster announced on March 21: a merger of equals with
Englewood, Coloradobased data publisher IHS. Chairman and
CEO Uggla caught many Markit observers by surprise; IHS is a
lesser-known quantity in finance. But that underscores what the
54-year-old is driving at: a melding of Markits financial
data and technological depth with IHSs assets and
customers across government, energy, transportation and other
commercial sectors. The transaction closed on July 12, bringing
Markits 4,500 employees together with IHSs 9,000 in
a $3.3 billion-in-revenue information powerhouse.
London-headquartered IHS Markit will have a $15
billion-plus market cap, $1 billion free cash flow and 50,000
customers, including 75 percent of the global
500, Uggla said before the close. The combination of
processing and technological innovation, research and decision
support can assist in everything from trading efficiencies to
regulatory compliance and help clients create competitive
edges with our content, says Uggla, who was designated
chief integration officer for the merger transition, is serving
as president of IHS Markit and will step up to chairman and CEO
at the end of next year, when IHS chief Jerre Stead retires.
Markits offerings, meanwhile, have an increasingly
utility, or cooperative, flavor. Such initiatives include
due-diligence services KYC.com, the know-your-customer portal that
Markit launched jointly with solutions company Genpact in 2014,
and KY3P for third-party risk management, introduced last fall
and running on Dell Cloud Services. Following the disrupt
yourself principle, Uggla notes that Markit is actively
exploring how existing processes may be enhanced by
blockchain, notably in a multimonth test of smart contracts for
credit-default-swaps processing that teamed Markit with Bank of
America Merrill Lynch, Citi, Credit Suisse, JPMorgan Chase
& Co., Depository Trust & Clearing Corp. and
distributed-ledger developer Axoni.
The 2016 Tech 50: Making Financial Services Faster, Cheaper,
Bigger for more.
The 2016 Tech 50
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