Pico Acquires Corvil
February 11, 2020
Share this

Pico, a provider of technology services for the global financial markets community, has acquired Corvil, a provider of real-time analytics and machine intelligence products for financial markets infrastructure performance and operations.

The acquisition brings together two service and product companies with a shared commitment to helping clients gain a competitive advantage and greater insight into their electronic transactions and trading technology.

“With Pico as a premiere technology service provider to the capital markets, our clients have benefited from access to a wide range of top trading technologies within the Pico environment,” said Jarrod Yuster, Founder and CEO of Pico. “Corvil’s reputation is second to none for innovation, quality, and data analytics in the financial markets, and we have come to rely on their data to support mission-critical systems. Our motivation for acquiring Corvil is based on a commitment to our clients to deliver the industry’s best-in-class analytics and real-time insights. 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. I am thrilled to welcome the Corvil team to Pico.”

The acquisition brings together a complementary fit of talent and technical capabilities around the globe. Servicing a combined client base of over 400 leading banks, exchanges, asset managers, financial technology vendors and trading firms operating across five continents, the company will have a workforce of over 375 staff with deep expertise in low-latency technologies, automation, machine learning and data science, along with extensive domain knowledge for operating and delivering high-performance financial infrastructure on a global footprint.

“We see a new era of financial technology for the capital markets emerging. This will be defined by an on-demand and machine intelligent technology paradigm delivered as a service for infrastructure, platform, cloud, data and analytics,” said Donal Byrne, CEO of Corvil. “In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you. With Pico, we are making a transformational move on the $50 billion financial technology services market.” In the combined company, Byrne will take up the position of Chief Technology Officer (CTO), reporting to Yuster, with global responsibility for product, marketing and data science.

The company will operate under the Pico brand while the Corvil name will continue to be used for its portfolio of products and services. Clients will be able to procure all currently available Corvil products as well as newly introduced Corvil-as-a-Service solutions available within Pico’s global network and infrastructure footprint. Corvil-as-a-Service is a unique service and product combination that will harness Pico’s in-house expertise to deploy, configure, and operate Corvil environments. This will greatly simplify clients’ on-boarding, reduce or eliminate up-front training and resourcing requirements, and provide cost efficiencies that may have previously been barriers to adoption.

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. "As an investor in Pico since inception, we have been fortunate to witness their tremendous growth over the past 10 years to become a leading provider of global infrastructure services, connectivity, cloud technology and data services for capital markets. The acquisition of Corvil accelerates Pico's strategy to integrate advanced analytics-as-a-service into their global platform and positions the combined company for continued long-term growth,” said Ashwin Gupta, MD, Principal Strategic Investments, Goldman Sachs.

“We recognized the promise in Pico’s best-in-class infrastructure services early on, and have invested multiple times over the years,” said Jason Sippel, Global Head of Equities, J.P. Morgan. “The strategic rationale for a combination with Corvil’s undisputed leadership in analytics services is persuasive, and we expect it will provide the combined entity with a profound advantage in serving its customers. We look forward to continuing to work closely with Pico, both as an investor and strategic partner.”

“As capital markets businesses continue to search for new ways to leverage financial technology in a more cost-effective and rapid response manner, Pico is addressing these needs with solutions that resonate with a range of market participants,” said Todd Lopez, Head of Americas Cash Equities, UBS, both an investor in Pico and a client.

C. Thomas Richardson, Head of Market Structure and Electronic Trading Services at Wells Fargo Corporate & Investment Banking commented: “As a long-time investor in and client of Pico, we are excited to support Pico’s bold vision with this transformational acquisition of Corvil that combines Pico’s top-notch trading infrastructure with Corvil’s high-end analytical tools. We believe that this combination will enhance Pico’s compelling value proposition which, in turn, will help us service our customers better.”

Financial details were not disclosed.

Share this

The Latest

April 01, 2020

The role of the CIO is evolving with more of a focus on revenue and strategy, according to the 2019 Global CIO Survey from Logicalis ...

March 31, 2020

Organizations face major infrastructure and security challenges in supporting multi-cloud and edge deployments, according to new global survey conducted by Propeller Insights for Volterra ...

March 30, 2020

Developers spend roughly 17.3 hours each week debugging, refactoring and modifying bad code — valuable time that could be spent writing more code, shipping better products and innovating. The bottom line? Nearly $300B (US) in lost developer productivity every year ...

March 26, 2020

While remote work policies have been gaining steam for the better part of the past decade across the enterprise space — driven in large part by more agile and scalable, cloud-delivered business solutions — recent events have pushed adoption into overdrive ...

March 25, 2020

Time-critical, unplanned work caused by IT disruptions continues to plague enterprises around the world, leading to lost revenue, significant employee morale problems and missed opportunities to innovate, according to the State of Unplanned Work Report 2020, conducted by Dimensional Research for PagerDuty ...

March 24, 2020

In today's iterative world, development teams care a lot more about how apps are running. There's a demand for fixing actionable items. Developers want to know exactly what's broken, what to fix right now, and what can wait. They want to know, "Do we build or fix?" This trade-off between building new features versus fixing bugs is one of the key factors behind the adoption of Application Stability management tools ...

March 23, 2020

With the rise of mobile apps and iterative development releases, Application Stability has answered the widespread need to monitor applications in a new way, shifting the focus from servers and networks to the customer experience. The emergence of Application Stability has caused some consternation for diehard APM fans. However, these two solutions embody very distinct monitoring focuses, which leads me to believe there's room for both tools, as well as different teams for both ...

March 19, 2020

The 2019 State of E-Commerce Infrastructure Report, from Webscale, analyzes findings from a comprehensive survey of more than 450 ecommerce professionals regarding how their online stores performed during the 2019 holiday season. Some key insights from the report include ...

March 18, 2020

Robinhood is a unicorn startup that has been disrupting the way by which many millennials have been investing and managing their money for the past few years. For Robinhood, the burden of proof was to show that they can provide an infrastructure that is as scalable, reliable and secure as that of major banks who have been developing their trading infrastructure for the last quarter-century. That promise fell flat last week, when the market volatility brought about a set of edge cases that brought Robinhood's trading app to its knees ...

March 17, 2020

Application backend monitoring is the key to acquiring visibility across the enterprise's application stack, from the application layer and underlying infrastructure to third-party API services, web servers and databases, be they on-premises, in a public or private cloud, or in a hybrid model. By tracking and reporting performance in real time, IT teams can ensure applications perform at peak efficiency — and guarantee a seamless customer experience. How can IT operations teams improve application backend monitoring? By embracing artificial intelligence for operations — AIOps ...