Colt buys into financial services sector

Alex Scroxton

Business comms and networking provider Colt Group has bought a majority stake in low latency market data and trading infrastructure services outfit MarketPrizm.

Colt, which has been aggressively targeting the financial sector, said the combination of its own strength in low latency networks and proximity hosting would be a good fit with MarketPrizm's market data expertise.

Although full financial terms of the deal were not disclosed, in a statement released today, Colt said it had undertaken to fudn the next phase of MarketPrizm's growth and as a result expects to book a €10m EBITDA charge in 2011.

Colt has put its Global Business Division lead and former EMC strategy vice president Tanuja Randery in place to lead MarketPrizm. She replaces current CEO John Lowrey, who will remain on the board.

"Prividing market data and trading infrastructure services is a natural step for Colt as we pursue our vision of becoming Europe's leading information delivery platform," said Colt CEO Rakesh Bhasin.

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