Markit EDM IHS Markit


Overview


IHS Markit is best known as a financial information services company. It has grown rapidly in the last decade or so, in part through acquisitions, and had reached revenues of $948 million in 2013. It floated on Nasdaq in June of the following year. The company is now made up of three divisions, comprising


information (pricing and reference data, indices, valuation and trading services); processing for OTC derivatives, FX and syndicated loans; and solutions (software and managed services). In 2013, information accounted for 48 per cent of revenues, processing for 28 per cent, solutions for 24 per cent. The company was formed as Mark-it Partners in 2002 as a


spin-off from TD Bank, with 26 employees and a focus on CDS pricing and reference entity identifiers. The latter stemmed from the acquisition of the reference entity database of Deutsche Bank, Goldman Sachs and JP Morgan Chase in August 2003. The three banks took an equity stake in the new company. The following month it was announced that Barclays Capital would supply historical and current credit data to Mark-it. And by the end of the month, the supplier was able to announce 16 credit derivative players as subscribers to the reference entity database. IHS Markit started to diversify almost from the outset via acquisitions, with the move into syndicated loan data coming


before the end of 2003 with the acquisition of US-based LoanX. Nine additional financial institutions invested in Mark-it in early 2004. Among the acquisitions, it added White Plains, New York- based Communicator in 2006, a provider of processing systems for OTC derivatives, plus a bond research platform. It added OTC derivatives electronic confirmation network, Swapswire, in late 2007. It shortly afterwards bought OTC derivatives trade reporting partner, BOAT, from a consortium of nine investment banks (IHS Markit had previously been selected as a partner by the consortium).


Among other acquisitions have been Wall Street on Demand, QSG, LogicScope, QuIC (risk analytics specialist) and Data Explorers. Throughout, IHS Markit has had considerable stability, with Lance Uggla as CEO and Kevin Gould as president from the outset. Cadis CEO, Daniel Simpson, remains as managing director for enterprise software at IHS Markit. In early 2016, Markit merged with US rival IHS to create a


London-headquartered “global leader in critical information, analytics and solutions”. The pair reached definitive agreement for an all-share merger of equals to create a company with a combined market capitalisation of £9 billion. IHS shareholders will own approximately 57% and Markit shareholders approximately 43% of IHS Markit on a fully diluted basis. In March 2017, Lisa Simone Westlake was appointed as the Executive Vice President and Chief Human Resources Officer of IHS Markit.


Risk Management Systems & Suppliers Report | www.ibsintelligence.com 83


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