Reuters acquires Application Networks
UK news and financial data company Reuters has acquired Application Networks, a provider of trading and risk management software, for $41 million in cash (June 2006)
Application Networks provides JRisk cross-asset derivatives trading and risk platform which is used by banks including JPMorgan Chase, Société Générale, UBS and Wachovia.
The JRisk product will be integrated with Reuters' Kondor+ trading and risk technology. Reuters says clients will be given the opportunity to migrate to the new combined platform within the next 24 months.
Andrew White, Reuters global head of trade and risk management, says: "Reuters is accelerating the delivery of an advanced product to new and existing customers. Backed by the global resources of Reuters, we believe it will become the leading choice for innovative banks and hedge funds."
