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Fintech giant FIS has acquired SaaS posttrade platform Torstone Technology , according to multiple sources close to the matter .
The deal will further bolster FIS ’ capital markets technology offering , having acquired Sun- Gard in a major deal back in 2015 . The firm has also made waves through a number of other bolt-on acquisitions and landmark mandates .
Torstone is a global SaaS platform for posttrade securities and derivatives processing technology , originally built by and for a global investment bank .
The fintech was founded in 2011 with originator and CEO Brian Collings still chief executive and chairman today .
Torstone is headquartered in London , with offices in New York , Toronto , Hong Kong , Singapore , and Tokyo .
A spokesperson for Torstone said the firm is not able to disclose more detail at this stage . A spokesperson for FIS said the firm does not comment on market rumour or speculation .
A source speaking to The TRADE under the condition of anonymity said : “ The acquisition makes perfect sense from the FIS perspective as the vendor can add modern securities processing capabilities to its existing suite of capital markets focused offerings . On the Torstone side , it gives the smaller vendor deeper
FIS acquires posttrade platform Torstone Technology
UPSTART FINTECH GAINS A MAJOR PARTNER HAVING BUILT UP ITS SAAS POST- TRADE PLATFORM OVER THE PAST 13 YEARS , AS FIS CONTINUES TO BOLSTER CAPITAL MARKETS TECH OFFERING .
pockets to build out its capabilities and reach into new geographies .”
FIS has emerged as a major player in the capital markets technology space , growing both organically and through acquisition , headlined by the aforementioned SunGard deal .
Some of its major recent mandates include a 10-year agreement to provide post-trade technology to BNP Paribas and $ 1.5 trillion asset manager Franklin Templeton outsourcing its entire global transfer agency ( TA ) operations to
FinTech FIS .
FIS also acquired a majority stake in credit-based alternatives fund solutions provider Virtus Partners in 2020 .
For Torstone , the major backing comes as the firm looks to help clients navigate the shift to T + 1 in the US . The firm has been a leading voice in advocating for the industry to move further towards automation – if they haven ’ t already – or risk a myriad of issues come 28 May . www . thetradenews . com 34