Markit to Exit Messaging Play as Symphony Conducts Acquisition of Chat Assets

Acquisition will unite rival messaging initiatives to create a stronger competitor to Bloomberg's messaging service

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Symphony plans to use the technology to build a validated directory of contact information for participants in the financial services industry, which will be freely available to the entire financial community. The vendors did not disclose financial terms of the deal, which closed on Nov. 28.

Over the next six months, Symphony will embed the directory technology into its own secure messaging platform, while Markit will begin to wind down components of its Collaboration Services proposition, inclu