Mark-it Partners' Acquistion of LoanX Creates Unrivalled Coverage of the Global Credit Markets
("Mark-it"), the definitive credit pricing information company, today announced that it is to acquire LoanX, Inc. ("LoanX"), a leading US provider of syndicated loan data. The integration of the two companies' products and expertise will, for the first time, provide market participants with pricing across multiple asset classes through one delivery platform.
Supported by over 100 international financial institutions, the combined company will collect, audit, map and distribute market valuations on corporate bonds, credit default swaps and syndicated bank loans on a daily basis. By allowing customers to compare related pricing information, this unique service will increase credit market transparency and liquidity as well as provide a more precise risk management tool.
Lance Uggla, Mark-it Partners CEO and Founder, commented, "This acquisition will allow Mark-it to provide a broader, customised, more integrated service, thus responding to the growing needs of investors in the burgeoning credit and loan markets. Mark-it has long admired LoanX for its comprehensive coverage, skills and excellence in the loans space. Its local U.S. offices and extensive customer base will enhance our global footprint and expand Mark-it's ability to meet the needs of credit market investors internationally."
Michael Rushmore, LoanX CEO, commented, "Mark-It Partners and LoanX share an intense commitment to supporting these markets and a vision for technology-rich, intuitive systems that are powered by superior data. We are delighted with this business combination and look forward to marrying the products and expertise within these two companies to fully address the needs of the loan and credit markets."
The combined firm will capitalise on the opportunity to deliver new value to the credit market, through:
Increased credit market transparency. As the single source of diverse credit pricing, Mark-it will deliver prices of syndicated loans, bonds and convertibles with precise data mapping that will allow portfolio managers to see relative value relationships across asset classes, to measure risk properly and to improve trade execution.
Reduced cost of credit data services. Firms that manage diverse credit risk portfolios currently use multiple unrelated sources of credit pricing, which makes comparative evaluations across issuers or organisers difficult. Mark-it will offer a single, comprehensive, credit pricing source that will also enable risk managers to customise and integrate their credit data from a single technology driven vendor, thereby reducing the cost of the credit pricing process.
Increased organisational scale and service level. By combining the financial, intellectual, technological and data resources of two businesses that are thriving in the credit data area, Mark-it will deliver an even higher level of client support. Mark-it will serve clients from offices in New York, London and Chicago as the Company continues to make the required investments that power the continuous development of superior credit data services.
About Mark-it Partners
Founded early in 2001 with the support of contributing data partners ABN Amro, Bank of America, CitiGroup, CSFB, Deutsche Bank, Dresdner Kleinwort Wasserstein, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, TD Securities, and UBS, Mark-It Partners currently receives daily credit default swap (CDS) pricing on over 3,700 issues and receives pricing on over 30,000 cash securities. These banks feed current and historical credit data into the Mark-it Partners system on a daily basis, facilitating better decision-making and credit risk management within banks' credit operations.
LoanX was launched in 2000 as the only multi-dealer platform serving the global syndicated loan market with initial sponsorship of Bank of America, CSFB, Deutsche Bank, Goldman Sachs and JP Morgan, creditex and New York City Investment Fund. LoanX now provides over 3,000 secondary loan prices to nearly 100 institutional clients. LoanX market support has increased each month since launch to include over 30 leading syndicated loan dealers in North America and Europe committed to delivering a high level of loan market transparency to institutional investors.
Mark-it Partners Ltd.