Israeli fintech company Capitolis today announced that it has entered into an agreement to acquire US company LMRKTS, which provides optimization and compression services that help financial institutions manage derivatives exposures. The acquisition, which is scheduled to close this month, is believed to be for more than $50 million.
Capitolis, which was founded in 2017 by CEO Gil Mandelzis, chairman Tom Glocer, and VP engineering Igor Teleshevsky, has developed a SaaS-powered network that links global market participants to new sources of capital in a regulatory-sound manner. The company has raised $170 million to date, including $90 million in its most recent financing round in March led by Andreesen Horowitz. The acquisition will allow Capitolis to provide banks, asset managers, and hedge funds with the broadest and most complete trade compression solutions.
As part of the proposed transaction, the LMRKTS team will join Capitolis.
Mandelzis said, "At Capitolis, we are well on our way to meeting our audacious goal of transforming capital markets, guided by the tremendous demand we continue to see from the world’s most significant providers of capital. With the addition of the fabulous capabilities Hilary, Sandeep and the LMRKTS team have built, we will unlock even greater opportunities to expand our product suite and enhance our technology. Together we move one step closer to a transformed, safer, healthier and more efficient market."
Published by Globes, Israel business news - en.globes.co.il - on August 4, 2021
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