The professional services giant has announced the acquisition an Australian technology consultancy specialising in financial services.
KPMG has acquired Markets IT, a Melbourne-based firm which implements integrated trading, risk management, regulatory reform, trader surveillance, processing and post-trade solutions for both buy and sell-side organisations, including banks, clearing brokers, central banks, investment managers and hedge funds.
In 2013, Markets IT became Australia’s first System Integration Partner for Murex, a global provider of cross-asset trading, risk management and processing technology.
Gary Wingrove, chief executive of KPMG, said the acquisition comes at a time when financial services organisations face an unprecedented landscape of “continual regulatory changes, heightened competition, innovation threats and opportunities, and technology changes”.
“There has never been a greater need in the market for integrated, business-centric technology services for these clients. And effective implementation will require deep subject matter expertise in both business and technology,” he said.
“Markets IT is a very timely and strategic acquisition that also supports our global capital markets strategy, and our growing Murex-related services here in Australia as well as in Asia Pacific, Europe and South Africa. I am delighted to welcome the team to KPMG.”
Markets IT was founded in 2011 and has grown rapidly off the back of successful project delivery and strong working relationships with major financial institutions.
Richard Marrison, technology leader of KPMG Australia who oversaw the deal, said technology enablement is a priority investment area for the firm.
“This is the third acquisition we’ve made in this space recently in Australia. Technological advances will continue to reshape operating models and service delivery in financial services over the coming years,” he said.
“The most successful organisations will utilise technology to ease the regulatory burden, and support growth and innovation.”
The deal marks the 11th acquisition by KPMG Australia in the past two years.
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