NEW YORK--(BUSINESS WIRE)--Wombat Financial Software Inc., the leading provider of low latency and direct feed market data solutions, today announced the acquisition of Harco Technology Ltd., the market data usage reporting and compliance technology experts, for an undisclosed sum.
The acquisition of Harco, which services the market data spend management needs of over 70 trading floors worldwide with its Data Access and Reporting Tool (DART), is set to further enhance Wombat’s product offering, and has already been applauded by many Wombat and Harco customers informed of the deal this week.
The combination of Harco’s best-of-breed usage and reporting product line and the Wombat Entitlements System, gives the company a compelling off-the-shelf exchange entitlements and usage reporting solution, more capable than any available in the market to date. Its open architecture allows the combined solution to be offered as a stand alone product, in addition to being implemented in conjunction with the Wombat market data distribution platform or with other common market data platforms.
“The acquisition of Harco makes sense to both Wombat and Harco, and to customers alike. Rather than expending our efforts catching up to what Harco has achieved, we want to continue to move further ahead in areas of the industry that need the most attention,” said Ron Verstappen, CEO of Wombat.
“There were so many complementary attributes between the two companies that none of us had any doubts as to it being the right move – and at the right time, too. This acquisition, along with the fact that we had already spent time integrating our products, gives customers a much more complete and integrated solution – in addition to being able to just take components of the entire solution incrementally,” added Verstappen.
Stuart Harvey, Harco’s Managing Director, said, “By combining Harco’s product lines with the Wombat Entitlements System, we can together add significant value to our current client base and address the needs of a much larger market share. Customers will be able to save both time and expenditures when implementing a solution with our combined products.”
Harvey was also keen to emphasize that Harco clients can expect business as usual on its current product set, which will continue to develop and enhance going forward.
The acquisition comes at a time when many securities exchanges have become more forceful in trying to monetize the value of their market data products, including the possible imposition of significant financial penalties upon those who fail to properly control and report upon usage of their content. As a result, the management of market data and related spend has recently been transformed from a cost control issue to a critical business risk, with the responsibility falling squarely on the CIO and trading heads of management.
Note to Editors
Wombat enables limitless connectivity to the global markets through the world's most advanced high speed market data infrastructure, the Wombat Platform. With offices in the US and UK, Wombat software underpins automated market-making systems, electronic-trading floors and tick-capture platforms in financial institutions around the world. The Wombat Platform includes Wombat Feed Handlers, providing sub-millisecond connectivity to more than 80 direct exchange and aggregated vendor feeds; Wombat Transport, enabling high speed, multi-protocol messaging throughout the enterprise; Wombat APIs; and Wombat value added servers such as the Wombat SuperBook virtual order book consolidator and the Wombat DBAC tick-capture adapter. For more information, visit http://www.wombatfs.com.
About Harco Technology
Since its formation in 1996, Harco Technology has become the market leader in vendor neutral market data entitlements/usage reporting. Eight of the world’s top ten banks use Harco’s DART application to report on access to exchange, specialist service and product data delivered from vendors like Reuters and Bloomberg. With offices in the UK and North America, Harco software is used to monitor and control access to fee-liable real-time information in over 75 trading floors.
DART is used by a bank’s market data cost management team to identify service usage and to match the data consumed by a user or application to the most cost efficient service. DART will report on current and historical entitlements so that financial firms can be in compliance with regulations on user access to market data and rules concerning the redistribution of real-time data by banking applications. DART is fully integrated into all of the standard cost inventory management applications. For further information, please visit www.harcotechnology.com