Irish data analyst Corvil acquired by Pico
IRISH data analytics company Corvil is being acquired by US financial services firm Pico Trading, the two businesses announced yesterday.
Dublin-based Corvil will merge into New York-based Pico, but the Corvil brand will remain on its existing portfolio of products and services. The deal is expected to close within the coming 30 days.
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Corvil chief executive Donal Byrne will become chief technology officer responsible for Pico's product, marketing and data science globally. He will report to Pico chief executive Jarrod Yuster. "In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you. With Pico, we are making a transformational move on the $50bn (€44.6bn) financial technology services market," Mr Byrne said.
Mr Yuster said the Corvil acquisition will grow Pico to 375 staff, serving more than 400 banks, exchanges, asset managers, financial technology vendors and trading firms worldwide.
Pico's private backers include Goldman Sachs, JP Morgan, UBS and Wells Fargo.