Melbourne-based financial services consultancy Market IT has been acquired by KPMG Australia.
The acquisition of technology consultancy Markets IT represents KPMG Australia's 11th acquisition in two years. Commercial terms of the deal were not disclosed.
Market IT implements integrated trading, risk management, regulatory reform, trader surveillance, processing and post-trade solutions for both buy and sell-side organisations.
KPMG Australia chief executive Gary Wingrove said there "has never been a greater need in the market for integrated, business-centric technology services" for KPMG's financial services clients.
"Markets IT is a very timely and strategic acquisition that also supports our global capital markets strategy, and our growing Murex-related services here in Australia as well as in Asia Pacific, Europe and South Africa," Mr Wingrove said.
In a statement on the rationale behind the acquisition, KPMG Australia pointed to growing regulatory challenges in capital markets and "deadlines of associated rules, controls and technology".
"Globally, system consolidation and replacement of legacy technology remains the biggest driver of anticipated technology spending increases," said the statement.
"KPMG research shows that total capital markets technology spending globally is forecast to exceed US$100 billion by 2018, with forecast spend allocated to risk management-related technology rising to over 18 per cent of this by 2018."
Markets IT founder Tim Robinson said: "Our growth was driven initially as a provider of Murex services, but increasingly we’re diversifying through delivery of regulatory related technology services including trader surveillance.
"Market IT’s offering is directly complementary to KPMG’s business, regulatory and technology enablement services and strategic areas of focus. I believe the combination of business platform enablement services, together with KPMG’s brand and broader risk and transformation expertise positions us strongly to become the local market leader," Mr Robinson said.
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