Dublin tech firm Corvil is being bought by Pico, a New York-headquartered fintech enterprise, for an undisclosed sum.

Corvil was founded in 2000 by John Lewis, Ian Dowse, Fergal Toomey and Raymond Russell. Dowse, Toomey and Russell were students of Lewis’s in Trinity College Dublin and later in the Dublin Institute of Advanced Studies.

Corvil develops real-time analytics and machine intelligence products for financial markets. Clients include Nadsaq, Morgan Stanley and BT. The firm posted turnover of €32m in 2017 and had accumulated losses of €40m, according to its most recent account filings.

Corvil will operate under the Pico brand when the acquisition is completed, while the Corvil name will continue to be used for its portfolio of products and services.

The two firms service a combined client base of over 400 banks, exchanges, asset managers, financial technology vendors and trading firms operating across five continents, employing a workforce of over 375 staff.

In Association with

Pico is a privately held company with a consortium of investors holding a minority ownership position, many of which are also clients, including Goldman Sachs, J.P. Morgan, UBS and Wells Fargo.

Jarrod Yuster, founder and CEO of Pico, said that Corvil’s reputation is second to none. “With Corvil, we can deliver full transparency into our clients’ trading and IT operations while addressing the challenges that come with rapid expansion into new global markets,” he added.

Corvil CEO Donal Byrne said that a new era of financial technology was emerging for the capital markets. “This will be defined by an on-demand and machine intelligent technology paradigm delivered as a service for infrastructure, platform, cloud, data and analytics,” he explained.

In the combined company, Byrne will take up the position of chief technology officer, reporting to Yuster, with global responsibility for product, marketing and data science.

The acquisition is expected to be completed within 30 days.