12th April, 2023 - Numerix, a leader in capital markets risk management technology, announced today that it has acquired FINCAD, a leading analytics company in the pricing and risk analytics of financial derivatives and fixed income products, from Zafin, a leader in Product and Pricing SaaS solutions for global financial institutions.
The combination of Numerix and FINCAD will combine two independent providers of analytics for the capital markets.
Together, Numerix and FINCAD are penetrated across the capital markets ecosystem, including sell-side, buy-side, corporate and insurance market customers. Today, thousands of financial institutions across the globe - either directly or through the combined partner channel - will be making trading and risk management decisions with the use of analytics and SaaS platforms provided by Numerix.
"Bringing together Numerix and FINCAD is a significant moment for all capital markets participants. Analytics are the differentiators in terms of making the right investment decisions. This combination is a game changer for the industry, allowing Numerix clients to use the most robust front-to-risk decision making software with their choice of best of breed analytics," said Steven R. O'Hanlon, President and CEO of Numerix. "While both companies started at a similar point in time but took on servicing different segments of the market, it has become clear to me through the process that FINCAD shares a similar DNA to Numerix. This is a natural fit and I am very excited about the opportunities that lie ahead."
"Zafin has over the past year worked closely with the FINCAD team to ensure they are set up for growth with successful executions of revamped product and customer success strategies and Numerix now provides FINCAD an excellent avenue to realize their full potential," said Al Karim Somji, CEO of Zafin. "I want to thank the FINCAD team for their dedication and commitment and wish them all success as part of Numerix while enabling Zafin to continue its focus on empowering global financial institutions as they accelerate their efforts to modernize and transform their business with Zafin's Product and Pricing SaaS platform."
Scott Niehaus, Director at Genstar Capital, said, "Targeted acquisitions were a key part of our strategy when we invested in Numerix last year. The combination with FINCAD will expand Numerix's capabilities in the complex regulatory environment and provide greater value to its clients. We are committed to working with the Numerix team to identify additional opportunities to further build out the company."
Willkie Farr & Gallagher LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel and Razorhorse Capital served as financial advisor to Numerix. Scotiabank served as financial advisor and Fasken Martineau DuMoulin served as legal counsel to Zafin. Terms of the transaction are not disclosed.
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