Data Science Investment Counter —Funding raised by UK data science companies in 2017 as of today
£ 342.935 Million

California FinTech Giant Buys London-based Babel Systems

Babel Systems, a London-based company that has built a platform to aid traders in processing transactions, has been acquired by Los Angeles-based fintech firm InvestCloud for £16.4 million.

Babel was founded in 2008 by serial entrepreneur and finance supremo Steve Wise. The platform’s architecture, which is based on the Spring.NET framework, allows Babel to quickly process bonds, funds and assets, and make sure they comply with financial regulation. The company has worked with the likes of UK’s online investment superstar Nutmeg in the past.

Its new owner , Californian company Investcloud, is specialised in providing software solutions to customers such as brokers, wealth and asset managers, and hedge fund administrators. It claims to cater to over 130,000 users on the cloud.

Investcloud has raised over $100 million over the last seven years, and its stakeholders include multinational banking and investment giant JPMorgan, which also sits on its board.

In a statement on the deal, InvestCloud CEO John Wise said: “InvestCloud needed an extremely high-volume and low-cost trading and accountingsolution designed for the cloud. Babel is the answer.”

“Babel is designed for the international market and is the most modern platform in the world designed for robo and wealth; however, it’s also versatile and can be applied to all major financial markets,” he added.

According to Business Insider, Babel will keep a presence in the UK— where it currently employs 50 people— besides expanding its operations in the US.

Image via bit.ly/2jyZdZ1

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BY SHACK15

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