Monis Software, a financial analytics software business backed by Kennet Venture Partners, has been acquired by SunGard Trading and Risk Systems, an operating group of SunGard (NYSE:SDS). Kennet invested $2.7m in Monis in 1998 and was the company's primary financial backer.
Monis is an established leader in pricing models, analytic libraries and data services for convertible bonds, equity options, FX options, interest rate derivatives, credit derivatives and credit default swaps. Monis will operate as an operating unit of SunGard Trading and Risk Systems, led by Emanuel Mond, co-founder and current co-chairman of Monis. The new unit will incorporate SunGard's TrueCalc application for convertible bond pricing and analysis, in order to leverage the synergies between the Monis and TrueCalc applications.
Mr. Mond said of the acquisition, "Over the last two years, we set out on a course to rapidly transform Monis to provide new and enhanced solutions for our clients. We created a new front-office system, released the latest and most comprehensive spreadsheet based application, and enhanced our data services. While we continued to grow as a company over this period, we believe that it is now necessary to partner with an industry leader like SunGard to capture valuable synergies and strengthen our resource base. Our complementary strengths with SunGard will enable us to deliver innovative solutions to our clients and prospects."
Jim Ashton, chief executive officer of SunGard Trading and Risk Systems, said, "With over 350 customers worldwide, mainly blue-chip companies, Monis is a reputable leader in providing pricing models and data services to financial institutions. SunGard offers Monis clients the resources and security of an established, reliable vendor partner. Pursuant to our strategy to bring best practice risk management to the buy side, Monis' client base, which includes a large number of hedge funds, will help us to more effectively support the evolving needs of that market."
Michael Elias, managing director of Kennet Venture Partners, was a member of the board of directors of Monis from 1998 until the acquisition by SunGard. He said, "The acquisition of Monis by a global leader such as SunGard is a testament to the quality of its products, its team, and the company's strong market position. Founders and co-chairmen Emanuel Mond and Brent Isaacs have done a terrific job building this business and I am certain that within SunGard, the company will continue to prosper."
Kennet Venture Partners (www.kennet.com) is a leading European early-stage venture capital firm focused exclusively on the IT, communications and media industries. Kennet Venture Partners places a strong emphasis on investments in networking and communications technologies, semiconductor IP, Internet infrastructure and enterprise software. Kennet Venture Partners acts as manager of Kennet II LP, a Guernsey limited partnership and advisor to Kennet I LP, a Jersey limited partnership. Kennet Venture Partners is authorised and regulated by the Financial Services Authority.