Login
iscover
KPMG has announced the acquisition an Australian technology consultancy specialising in financial services.
Newsletter
KPMG announces fintech acquisition
10 February 2016
•
8 minute read
The big four firm yesterday announced it acquired Markets IT, a Melbourne-based firm which implements integrated trading, risk management, regulatory reform, trader surveillance, processing and post-trade solutions for both buy and sell-side organisations, including banks, clearing brokers, central banks, investment managers and hedge funds.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
In 2013 Markets IT became Australia’s first System Integration Partner for Murex, a global provider of cross-asset trading, risk management and processing technology.
KPMG chief executive Gary Wingrove said the acquisition comes at a time when financial services organisations face an unprecedented landscape of rapid change – including “continual regulatory changes, heightened competition, innovation threats and opportunities, and technology changes”.
“There has never been a greater need in the market for integrated, business-centric technology services for these clients. And effective implementation will require deep subject matter expertise in both business and technology.
“Markets IT is a very timely and strategic acquisition that also supports our global capital markets strategy, and our growing Murex-related services here in Australia as well as in Asia Pacific, Europe and South Africa. I am delighted to welcome the team to KPMG today,” he said.
Markets IT was founded in 2011 and has grown rapidly off the back of successful project delivery and strong working relationships with major financial institutions.
Richard Marrison, technology leader of KPMG Australia who oversaw the deal, said technology enablement is a priority investment area for KPMG.
"This is the third acquisition we’ve made in this space recently in Australia. Technological advances will continue to reshape operating models and service delivery in financial services over the coming years. The most successful organisations will utilise technology to ease the regulatory burden, and support growth and innovation.”
The deal marks the 11th acquisition by KPMG Australia in the past two years including social media risk consultancy, SR7; the Melbourne team of Pacific Strategy Partners; an accounting practice in Karratha, WA; mining services consultancy Momentum Partners; SGA Property Consultancy; First Point Global cybersecurity business; accounting and advisory business Hayes Knight (WA); human rights and social impact consultancy, Banarra; Microsoft Implementation partner, Hands-on Systems; and most recently The Performance Clinic.
Commercial terms were not disclosed.
You need to be a member to post comments. Become a member for free today!
