Cinnober Acquires Surveillance Vendor Ancoa Software Out of Administration

Stockholm-based Cinnober Financial Technology has acquired the assets and customer base of market surveillance technology provider Ancoa Software out of administration, the UK equivalent of Chapter 11 bankruptcy.

Ancoa Software, which has been operating since 2010 and provides regulatory and financial market surveillance technologies to banks, brokers, asset managers and regulators, entered administration after failing to secure funding earlier this year.

The company was placed under the care of administrators from the Leonard Curtis Business Solutions group on May 5, who orchestrated a sale of “certain assets and the business” of Ancoa Software to Cinnober, “saving jobs and preserving certain ongoing customer contracts.”

Cinnober stated that Ancoa’s assets will be integrated into the business over a three-month period, also adding Ancoa’s 10 clients to its roster, but that the deal is “not expected to have a major impact on Cinnober’s income statement and balance sheet in the short term.”

“Cinnober has been in a partnership with Ancoa for the last three years and we’re impressed by their team and their product,” said Veronica Augustsson, CEO of Cinnober. “By bringing Ancoa into Cinnober we are now adding new competences as well as deepening our product portfolio targeting banks and brokers, as well as exchanges and clearinghouses.”

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• Topics
• Acquisition
• Merger
• Alliances, Mergers & Acquisitions
• Ancoa
• Surveillance
• Management & Strategy
• Cinnober Financial Technology AB
• Europe