The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Markit IPO Marks a Milestone in Company History

Markit made its initial public offering (IPO) this week, pricing its shares at $24 and increasing the number offered by 17% to meet demand. The shares are listed on the Nasdaq Global Select Market and at the offer price value the London-based financial information services and data management company at over $4 billion.

The IPO makes founder, chairman and chief executive of Markit, Lance Uggla, a multi-millionaire worth about £450 million and a large tranche of senior staff millionaires.

Markit registered with the US Securities and Exchange Commission for an IPO in early May, marking a significant milestone for a company that was set up in 2003 and now has towards 3,000 employees and a similar number of customers worldwide. In 2013, the company reported EBITDA of $421.3 million on revenue shy of a billion dollars at $947.9 million.

The company has grown both organically and through acquisition, most significantly in recent years through the 2012 acquisition of Cadis and its enterprise data management business. The former Cadis business has blossomed in Markit’s Solutions division, which includes enterprise software platforms, managed services and hosted custom web solutions dedicated to data management, as well as a role in iGATE, a high profile EDM joint venture that is designed to deliver utility style managed reference data services. The Solutions business generated 23.5% of total revenue in 2013, behind the Processing division on 28.0% and the Information division on 48.5%.

Looking forward, the IPO prospectus notes that Markit has identified a number of market opportunities, including a focus on efficiency in the financial services industry that predicates the use of third-party products and services, a changing regulatory landscape that requires customers to manage increasing volumes of data, and increased demand for products and services from emerging markets. For Uggla, business may not be as exciting after the IPO as it was in the early days of Markit, but there is still plenty to do and he has built a great team with the capability to handle both the challenges and opportunities presented by the market.

Related content

WEBINAR

Recorded Webinar: Meeting the high stakes challenge of effective sanctions data monitoring

This webinar has passed, but you can view the recording by registering here. Identifying securities related to a sanctioned domicile or company is a straightforward concept, but in practice, it is a far more challenging task for compliance professionals. Receiving a list of sanctions isn’t enough. In order to accurately define and maintain your ‘do...

BLOG

A-Team Group Introduces 2021 Innovation Awards

Here at A-Team Group we have been working hard on plans to celebrate innovative projects and teams with the launch of our A-Team Innovation Awards. The awards are designed to reward teams that have found innovative ways to make use of new and emerging technologies to solve challenges at financial institutions in capital markets. The...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...