Founded in 2000, Corvil’s core business is centered on providing real-time analytics and machine intelligence products for financial markets infrastructure performance and operations.
The combined company will have a workforce of over 375 staff and serve a combined client base of over 400 banks, exchanges, asset managers, financial technology vendors, and trading firms operating across five continents, the company said.
Jarrod Yuster, founder and CEO of Pico, commented on the deal:
“Our motivation for acquiring Corvil is based on a commitment to our clients to deliver the industry’s best-in-class analytics and real-time insights. With Corvil, we can deliver full transparency into our clients’ trading and IT operations while addressing the challenges that come with rapid expansion into new global markets. I am thrilled to welcome the Corvil team to Pico.”
After the deal is completed, the company will operate under the Pico brand while retaining the Corvil name for its portfolio of products and services. Pico says all of Corvil’s products will be available through its global network and infrastructure.
The acquisition accelerates Pico’s strategy to integrate advanced analytics-as-a-service into its global platform, according to a Goldman Sachs, who is an investor in Pico.
Donal Byrne, CEO of Corvil, also commented:
“We see a new era of financial technology for the capital markets emerging. This will be defined by an on-demand and machine intelligent technology paradigm delivered as a service for infrastructure, platform, cloud, data and analytics. In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you. With Pico, we are making a transformational move on the $50 billion financial technology services market.”
Byrne will take on the Chief Technology Officer position, with global responsibility for product, marketing and data science, the company said.
Pico is a privately held company with a group of major investment banks holding a minority ownership, including Goldman Sachs, J.P. Morgan, UBS, and Wells Fargo. Many of the stakeholders are also clients, the firm said.
The acquisition is expected to close before September.