The 2013 Tech 50: Lance Uggla

‘The industry needs solutions to reduce costs,’ and ‘disruptive technologies’ hold the key, says the Markit Group CEO.


Teri Pengilley

Lance Uggla
Chief Executive Officer
Markit Group
Last year: 4

When it was spun off from TD Securities ten years ago, Markit Group specialized in valuing opaque credit derivatives. Having expanded into other data- and analysis-driven businesses and surpassing $1 billion in revenue and 3,000 employees this year, the company that Lance Uggla started in a St. Albans, England, barn is making a valuation splash of its own. A 10 percent investment in May by Singapore sovereign wealth fund Temasek Holdings valued Markit at $5 billion, up from $3 billion when private equity firm General Atlantic took a 7.5 percent stake in 2010. “It’s a strong check mark on our strategy and plans for the future,” says Uggla. These owners are on board because those plans are big, and the 51-year-old, London-based CEO is working hard to deliver. The Temasek deal complements a push into Asia, spearheaded by co-founder and president Kevin Gould, who has relocated to Singapore. Says Uggla, “The industry needs solutions to reduce costs,” and “disruptive technologies” hold the key. One, Markit Enterprise Data Management, a hosted pricing, data storage and distribution platform built on the 2012 acquisition of Cadis, has 90 customers and is Markit’s fastest-growing business. Coming soon is a federated chat network, a collaborative communications platform that may challenge Bloomberg’s dominant instant messaging service. Markit’s chat “will be open architecture,” Uggla stresses. “Bloomberg could join if they thought it served their strategy.”

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