Pico to acquire Irish data analytics company Corvil

Irish real-time data analytics company Corvil is to be acquired by US-based Pico for an undisclosed sum.

Corvil, which was founded by the late Prof John Lewis and three Trinity College Dublin post-graduate students in 2000, offers analytics and machine intelligence products for financial markets infrastructure performance and operations. The company's products will complement Pico's existing technology services aimed at the global financial markets community, which includes infrastructure, connectivity, cloud technology, data and analytics services.

"Corvil's reputation is second to none for innovation, quality and data analytics in the financial markets, and we have come to rely on their data to support mission-critical systems," said Jarrod Yuster, founder and chief executive of Pico. "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.”

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The combined client base will include more than 400 leading banks, exchanges, asset managers, financial technology companies and trading firms operating across five continents, and will bring the workforce to more than 375.

"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," said Donal Byrne, Corvil chief executive. "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."

The new entity will retain the Corvil brand for products and services, while operating under the Pico banner. Mr Byrne will become chief technology officer of the combined company, taking on global responsibility for product, marketing and data science.

The deal is expected to close within 30 days.