Markit boasts solid Q3 growth figures
11 November 2015 London
Image: Shutterstock
Markit achieved a 5.6 percent revenue increase on a constant currency basis, according to its Q3 report.
The financial information provider enjoyed organic revenue growth of 2.3 percent.
This was driven by growth of 5.1 percent in information and 13.1 percent in solutions, but offset by a 13.6 percent decrease in processing revenue.
Acquired revenue was also up 3.3 percent, possibly due to the finalisation of the acquisitions of CoreOne Technologies and DealHub.
Other than M&A activity, Markit鈥檚 highlights of Q3 include the launch of its Know Your Third Party service, which offers a cloud-based data hub aimed at simplifying and standising third-party risk management.
Markit also completed an issuance of senior unsecured notes worth $500 million to institutional investors.
Markit also paid a $45.5 million legal bill, following the settlement of a US anti-trust class action lawsuit.
The legal action concerned 鈥渃redit derivatives and related markets鈥� as part of an ongoing anti-trust investigations by the US Department of Justice and European Commission.
"I am particularly pleased with the strong organic growth in our information and solutions divisions and that despite a tougher quarter for processing, our focus on cost control allowed us to deliver continued strong margins,鈥� said Lance Uggla, chairman and chief executive officer of Markit.
鈥淥ur recent acquisitions expand the breadth and depth of our product offering and further strengthen our management team. We are making excellent progress in executing our growth strategy.鈥�
The financial information provider enjoyed organic revenue growth of 2.3 percent.
This was driven by growth of 5.1 percent in information and 13.1 percent in solutions, but offset by a 13.6 percent decrease in processing revenue.
Acquired revenue was also up 3.3 percent, possibly due to the finalisation of the acquisitions of CoreOne Technologies and DealHub.
Other than M&A activity, Markit鈥檚 highlights of Q3 include the launch of its Know Your Third Party service, which offers a cloud-based data hub aimed at simplifying and standising third-party risk management.
Markit also completed an issuance of senior unsecured notes worth $500 million to institutional investors.
Markit also paid a $45.5 million legal bill, following the settlement of a US anti-trust class action lawsuit.
The legal action concerned 鈥渃redit derivatives and related markets鈥� as part of an ongoing anti-trust investigations by the US Department of Justice and European Commission.
"I am particularly pleased with the strong organic growth in our information and solutions divisions and that despite a tougher quarter for processing, our focus on cost control allowed us to deliver continued strong margins,鈥� said Lance Uggla, chairman and chief executive officer of Markit.
鈥淥ur recent acquisitions expand the breadth and depth of our product offering and further strengthen our management team. We are making excellent progress in executing our growth strategy.鈥�
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