MDX Technology (MDXT), a provider of data distribution and collaboration technology, has acquired Iceflow Technologies, the no-code SaaS platform vendor founded by Graham Denyer, architect of IHS Markit’s original EDM solution, Cadis Software. Terms weren’t disclosed.
MDXT and Iceflow now plan to become fully integrated, giving MDXT customers the ability to utilise the Iceflow no-code framework to automate manual processes, particularly around post-trade, compliance and KYC, and to rapidly build and deploy integrated workflows.
“This tie-up effectively solves a couple of problems for customers looking to build workflows around our data distribution framework,” says Nigel Someck, CEO at MDXT. “Through Iceflow’s no-code framework, end users are now empowered to build their own applications on the fly, which effectively means they’re not hostage to development queues and they can take advantage of opportunities when they arise. A key aspect of that is the connectivity and integration element, and the requirement to have multiple connection points, which is where MDXT has historically been a leader.”
Denyer, who will join MDXT as Chief Technology Officer, explains how the cloud-based solution will work in practice. “There are two sides to this,” he says. “One is establishing the workflow configuration side, which requires integrating with the various systems to map how the data is going to flow between teams and responsibilities. Then there’s the end-user interface, which works from the mobile right to the desktop. This gives users the capability to design and build their own workflows in a drag-and-drop style interface, tailoring them specifically to their needs. We provide the building blocks, but they can put them together in any way they need to.”
MDXT is seeing a growing number of use cases for the combined technologies, says Someck. “We’re primarily starting to see themes around post-trade workflows and customer onboarding processes, which can be subject to very cumbersome approval process, requiring many different people to view different aspects of documentation and so on. We’re also seeing some compliance use cases coming through. That’s where we’re already seeing a lot of traction, where customers are looking to automate manual processes to take advantage of opportunities or to gain efficiencies.”
