London-based Babel Systems, a processing platform for equities and bonds, has been acquired by Californian financial software provider InvestCloud for $20 million.
InvestCloud, based in Los Angeles and founded in 2010, builds software for finance companies to facilitate interactions with clients online. JPMorgan is one of their over 600 customers, and took and undisclosed stake in the business last September.
"InvestCloud needed an extremely high-volume and low-cost trading and accounting solution designed for the cloud. Babel is the answer," said John Wise, chairman and CEO of InvestCloud in a statement.
Babel has 50 employees in London and will maintain its presence in the UK while expanding its operations to the US.
Read more: Business Insider
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