The 2016 Tech 50: Lance Uggla

The Markit chairman and CEO jumps one spot to No. 3 on this year’s Tech 50 ranking.

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< The 2016 Tech 50

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3
Lance Uggla
President
IHS Markit
Last year: 4

M&A has 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 year’s 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, Colorado–based 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 Markit’s financial data and technological depth with IHS’s assets and customers across government, energy, transportation and other commercial sectors. The transaction closed on July 12, bringing Markit’s 4,500 employees together with IHS’s 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. Markit’s 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.

Visit The 2016 Tech 50: Making Financial Services Faster, Cheaper, Bigger for more.


The 2016 Tech 50

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1. Catherine
Bessant
Bank of America Corp.

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2. Jeffrey Sprecher
Intercontinental Exchange

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3. Lance Uggla
Markit

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4. Phupinder Gill
CME Group

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5. Shawn Edwards and Vlad Kliatchko
Bloomberg

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6. R. Martin Chavez
Goldman Sachs Group

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7. Robert Goldstein
BlackRock

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8. Adena Friedman
Nasdaq

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9. Deborah Hopkins
Citi Ventures

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10. Daniel Coleman
KCG Holdings

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11. Stephen Neff
Fidelity Investments

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12. David Craig
Thomson Reuters

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13. Michael Spencer
ICAP

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14. Michael Bodson
Depository Trust & Clearing Corp.

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15. Charles Li
Hong Kong Exchanges and Clearing

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16. Chris Concannon
BATS Global Markets

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17. Blythe Masters
Digital Asset Holdings

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18. David Rutter
R3CEV

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19. Neil Katz
D.E. Shaw & Co.

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20. Lee Olesky
Tradeweb Markets

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21. Richard McVey
MarketAxess Holdings

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22. Seth Merrin
Liquidnet Holdings

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23. Robert Alexander
Capital One Financial Corp.

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24. Brad Katsuyama
IEX Group

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25. Antoine Shagoury
State Street Corp.

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26. David Gledhill
DBS Bank

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27. Lou Eccleston
TMX Group

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28. Andreas Preuss
Deutsche BÖrse

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29. Dan Schulman
PayPal Holdings

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30. Scott Dillon
Wells Fargo & Co.

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31. Mike Chinn
S&P Global Market Intelligence

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32. Craig Donohue
Options Clearing Corp.

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33. Gary Norcross
Fidelity National Information Services

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34. Steven O’Hanlon
Numerix

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35. Sebastián Ceria
Axioma

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36. Michael Cooper
BT Radianz

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37. Tyler Kim
MaplesFS

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38. Neal Pawar
AQR Capital Management

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39. David Harding
Winton Capital Management

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40. Chris Corrado
London Stock Exchange Group

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41. Brian Conlon
First Derivatives

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42. Jim Minnick
eVestment

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43. Stephane Dubois
Xignite

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44. Mazy Dar
OpenFin

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45. Yasuki Okai
NRI Holdings America

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46. Kim Fournais
Saxo Bank

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47. Jock Percy
Perseus

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48. Robert Schifellite
Broadridge Financial Solutions

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49. Brian Sentance
Xenomorph Software

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50. Pieter van der Does
Adyen

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