Jarrod Yuster, Founder and CEO of Pico

New York-based provider of technology services for the global financial market community, Pico has today announced its decision to acquire Irish real-time data analytics company Corvil. This acquisition will enable the US-based company to help its clients gain a competitive advantage and help get insights into their electronic transactions.

Jarrod Yuster, Founder and CEO of Pico commented on the acquisition, “With Pico as a premiere technology service provider to the capital markets, our clients have benefited from access to a wide range of top trading technologies within the Pico environment,”

Donal Byrne, CEO of Corvil remarked on the acquisition, “We see a new era of financial technology for the capital markets emerging. This will be defined by an on-demand and machine intelligence technology paradigm delivered as a service for infrastructure, platform, cloud, data and analytics, In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you. With Pico, we are making a transformational move on the $50 billion financial technology services market.”

The acquisition will help both Pico and Corvil reap the benefits of economies of scale, the combined client base of over Pico and Corvil consist of 400 banks, exchanges, asset managers, financial technology vendors and trading firms. The company will have a workforce of over 375. Corvil’s CEO Donal Byrne will be appointed as the Chief Technology Officer (CTO) taking responsibility for the product, marketing and data science.

Financials details of the acquisition have not been disclosed.

by Megha Bhattacharya
Market Analyst at IBS Intelligence