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Alex Cadwallader and Andrew Duncan, Directors at Leonard Curtis Business Solutions Group, were appointed Joint Administrators to Ancoa Software Ltd on 5 May 2017. The business and certain assets were sold immediately after to Swedish technology group Cinnober Financial Technology, saving jobs and preserving certain ongoing customer contracts.
Ancoa Software was a UK-based regulatory and financial markets surveillance specialist. It had been trading for seven years across two offices in London and its client roster included tier 1 banks, brokers and buy-side firms as well as a national regulator.
Ancoa Software developed a unique and user-friendly monitoring and surveillance platform for the financial markets, specifically the fixed income and equity trading markets. It provided clients in the UK, Europe and North America with contextual surveillance and insightful analytics, helping exchanges, regulators and buy-side firms to control regulatory, reputational and operational risks across markets, functions and asset classes.
In 2016, the market surveillance specialist turned over more than £1.1m, the majority of which was generated by three to five-year licensing agreements for its market surveillance platform. The company became insolvent when it failed to secure further the investment required to take the surveillance platform to the next level.
Stockholm-headquartered Cinnober, a provider of trading technology to marketplaces and clearing houses, has acquired the business and assets of Ancoa Software the business. Its offices outside of Sweden are in London and New York. Its key clients include major exchanges, such as the NYSE, Euronext, the London Metal Exchange and the Australian Securities Exchange as well as exchange groups B3 (previously BM&F Bovespa) and JPX.
Cinnober’s portfolio of offerings cover the entire transaction chain from price discovery and order matching to clearing and settlement of equities, currencies, commodities, fixed income and derivatives. The Ancoa Software deal is expected to “bring additional competences and deepens our leading product portfolio, targeting banks and brokers as well as exchanges and clearinghouses,” says CEO of Cinnober Veronica Augustsson
Alex Cadwallader, Director at Leonard Curtis Business Solutions Group and one of the Joint Administrators, said: “This deal has enabled the ownership of the business and certain assets to transfer to Cinnober without any disruption. We feel that it is the best outcome for all employees as well as customers.”
