ISV Fidessa will buy front-office software provider, Latent Zero for £63m. The deal represents a move by Fidessa to provide software to the buy-side market and is the first acquisition since Fidessa announced its intention to move into derivatives last summer (See FO Week Vol 11 No 24).
Under the terms of the deal, Latent Zero will continue to operate as a separate entity, while the current management structure will remain. Speaking on the motives behind operating Latent Zero as a separate entity, a Fidessa spokesperson said, "Their focus is very much the buy-side and our focus is predominately the sell side, so there is little point taking focus away from...