PALO ALTO, Calif.--(BUSINESS WIRE)--Symphony Communication Services LLC, a secure communication and workflow technology company, announced that it is acquiring technology assets developed by Collaboration Services, the open messaging network from Markit. In October, Symphony was formed by a group of the world's leading financial institutions. This acquisition represents the company's first major transaction since its founding.
With technology acquired from Markit, Symphony will provide a secure directory for managing contacts across the financial services industry. Symphony will populate the directory with vetted contacts from firms and users validated by network participants, allowing for enhanced identity management. Further streamlining communication and improving productivity, the directory will make it simple to locate and contact professionals within the financial services industry.
"We are pleased to now offer our customers the ability to connect and collaborate with a network of validated industry professionals within Symphony’s secure messaging and workflow platform," says David Gurle, chief executive officer of Symphony. "The integration of these two highly complementary services sets us apart from other enterprise collaboration and messaging platforms by providing secure, seamless communication that connects users with their community. As Symphony expands, we plan to look for similar opportunities to continue to bring value to our clients in a range of industries.”
The transaction closed on November 28, 2014. The two firms will continue to collaborate on joint initiatives.
Brad Levy, managing director and head of Markit’s Processing business added, “We achieved several firsts in the financial services industry with Collaboration Services. Symphony will help realize our vision that open networks will fundamentally change how people work and communicate in our industry, by combining our respective collaboration assets.”
Markit’s Collaboration Services provides a secure directory for managing verified contacts across the financial services industry. Symphony will leverage this technology to also create secure and compliant directories and communities for communication across a wide range of industries.
Symphony is an open-source, secure communication and workflow platform that aims to improve workplace productivity and connects users to their community. Leading financial institutions have invested in Symphony to develop a scalable, cloud-based and highly secure collaboration platform that will address the enterprise and compliance requirements for the financial services industry.
Financial institutions, as well as other firms looking for a secure enterprise communication platform, that wish to join the Symphony community can contact Symphony at Interest@symphony.com.
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