Yesterday, New York based MarkIt announced that it would purchase all of the assets of Wall Street On Demand, a Colorado firm that provides best of class Industrial Design, Web Hosting and Product Management with its main audiences being brokerage and investment management. Now why would MarkIt buy this firm and what does it plan to do with it?
Well, MarkIt from my knowledge focuses on securities content and analytics with its main buyers being investment managers, risk, compliance and regulatory. Wall Street On Demand however has spent most of its life focusing on Brokerage and Wealth Management. Hmmm. I could only guess that MarkIt is taking a much broader look at Wealth Management and brokerage, particularly discount brokerage. Will MarkIt build solutions to compete against ThomsonReuters, Bloomberg, FactSet, SunGard and IDC or will it use the great assets of Wall Street On Demand to enhance its already powerful company?
MarkIt has been on a rather aggressive growth campaign over the past few months and I really enjoy the direction the company appears to be moving. Only time will tell, but the financial information and technology industry needs a player who will address the changing needs of their end users, keeping in mind the changing nature of the financial services business and the rapid adoption of social media.
Tags: "financial technology deals", "James Tanner", "markit", "wall street on demand"
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