MDX Technology (MDXT) has acquired UK-based Iceflow Technology, a low-code/no-code Software-as-a-Service (SaaS) workflow solution for financial institutions.
Iceflow has been developed by Graham Denyer, ex-IHS Markit and architect of the original Markit EDM solution.
Denyer will join MDXT as chief technology officer (CTO).
“Iceflow is the culmination of 20 years’ experience in building financial services workflow solutions. The tool has been specifically designed to solve some of the pressing requirements that a lot of institutions struggle with such as post-trade processes, compliance workflows, know your customer (KYC) and more,” Denyer says.
Earlier this year, Denyer invested an undisclosed amount in MDXT, alongside several other private backers.
“MDXT has over 35 customers across the financial services landscape and all of them are looking to automate as many of their manual processes as possible,” says Nigel Someck, CEO of MDXT.
“Often, opportunities are missed due to crippling development lead times. Iceflow is the perfect solution enabling them to rapidly build and deploy integrated workflows in days.”
He adds that one client is already in the process of adopting Iceflow.
MDXT provides real-time data collaboration technology to financial institutions including tier one banks, brokers, trading venues, and buy-side firms. Among its clients are TP ICAP, HSBC, MarketAxess, Marex, ICE and Royal Bank of Canada.
The company is headquartered in London, UK, with offices in North America and representation in Asia Pacific.