MDX Technology (MDXT), a provider of data distribution and collaboration technology to financial institutions, has acquired spreadsheet optimisation technology firm Schematiq, creating a platform that it says lets clients share data and models faster and more efficiently.
Recognising that the financial industry still relies heavily on spreadsheets to organise and manage their data, MDXT said that the acquisition will help clients of the London-based company convert their models into code and APIs that can be scaled for trading and enterprise uses.
“Despite industry-wide efforts to reduce reliance on Excel, it is still critical to operations and our customers are looking to us to support them scale invaluable IP held in these complex models,” said MDXT chief executive Nigel Someck.
The deal was approved for an undisclosed sum.
MDXT’s low-code platform is used by financial institutions, including HSBC, and financial services companies such as Bridgewater and Intercontinental Exchange (ICE Data Services) to build over-the-counter price-sharing and trading workflows.
The newly augmented company will continue to be headed by Someck while Schematiq founder Darren Harris has been appointed as chief product officer.
“This collaboration is not just a strategic fit for both companies but a transformative move for the entire industry,” said Harris. “Together, we will drive innovation, expand market influence, and deliver exceptional value to our clients. The future is incredibly exciting.”
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