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The 2016 Tech 50: Lance Uggla

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

Lance Uggla
IHS Markit

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, 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.

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The 2016 Tech 50

1. Catherine
Bank of America Corp.
2. Jeffrey Sprecher
Intercontinental Exchange
3. Lance Uggla
4. Phupinder Gill
CME Group
5. Shawn Edwards and Vlad Kliatchko
6. R. Martin Chavez
Goldman Sachs Group
7. Robert Goldstein
8. Adena Friedman
9. Deborah Hopkins
Citi Ventures
10. Daniel Coleman
KCG Holdings
11. Stephen Neff
Fidelity Investments
12. David Craig
Thomson Reuters
13. Michael Spencer
14. Michael Bodson
Depository Trust & Clearing Corp.
15. Charles Li
Hong Kong Exchanges and Clearing
16. Chris Concannon
BATS Global Markets
17. Blythe Masters
Digital Asset Holdings
18. David Rutter
19. Neil Katz
D.E. Shaw & Co.
20. Lee Olesky
Tradeweb Markets
21. Richard McVey
MarketAxess Holdings
22. Seth Merrin
Liquidnet Holdings
23. Robert Alexander
Capital One Financial Corp.
24. Brad Katsuyama
IEX Group
25. Antoine Shagoury
State Street Corp.
26. David Gledhill
DBS Bank
27. Lou Eccleston
TMX Group
28. Andreas Preuss
Deutsche BÖrse
29. Dan Schulman
PayPal Holdings
30. Scott Dillon
Wells Fargo & Co.
31. Mike Chinn
S&P Global Market Intelligence
32. Craig Donohue
Options Clearing Corp.
33. Gary Norcross
Fidelity National Information Services
34. Steven O'Hanlon
35. Sebastián Ceria
36. Michael Cooper
BT Radianz
37. Tyler Kim
38. Neal Pawar
AQR Capital Management
39. David Harding
Winton Capital Management
40. Chris Corrado
London Stock Exchange Group
41. Brian Conlon
First Derivatives
42. Jim Minnick
43. Stephane Dubois
44. Mazy Dar
45. Yasuki Okai
NRI Holdings America
46. Kim Fournais
Saxo Bank
47. Jock Percy
48. Robert Schifellite
Broadridge Financial Solutions
49. Brian Sentance
Xenomorph Software
50. Pieter van der Does

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