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Markit Agrees to Acquire Prism Valuation

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Financial information services provider Markit has agreed to acquire Prism Valuation, a company that offers independent over-the-counter (OTC) derivative valuation and risk analysis. Financial terms of the deal were not disclosed.

Screen Shot 2016-06-20 at 3.34.07 PMThe acquisition will not only expand Markit’s customer base among regional banks, it will also complement the London-based company’s own Portfolio Valuations hosted service. Markit’s Portfolio Valuations service currently undertakes 4.7 million independent valuations per month and boasts 300k unique OTC and cash positions valued. Adding Prism’s service will enhance its coverage of complex OTC derivatives and structured OTC products.

Adam Kansler, co-head of information at Markit, said that the acquisition will grant it access to Prism’s “extensive expertise with complex OTC products,” and offer “exceptional valuation capabilities… across asset classes.” Prism Valuation founder and CEO Keldon Drudge anticipates that Markit’s scale and reach will offer Prism accelerated innovation and a platform to better support its customers

Markit expects the deal to close in a few weeks.

Founded in 2001, Markit gave a presentation titled, Financial Charts: Getting the Details Right at FinDEVr New York 2016. The company was acquired by IHS in March.