Calypso Acquires Stake in Sernova Financial
- Merged activity to boost investor participation to centralised clearing
Calypso Technology, Inc., a leading provider of capital markets and investment management software, announced today that it has acquired a minority stake in the capital of Sernova Financial, a provider of Cloud-based clearing and post trade services.
“Calypso seeks to make the financial markets really work on Cloud. Our investment and partnership with Sernova Financial will broaden the markets we serve by providing the industry with a turnkey cloud-based solution to access the Centralised Clearing Counterparties (CCPs) network.”
— Pascal Xatart, CEO, Calypso Technology
Powered by the Calypso Cloud platform, Sernova Financial recreates the shared infrastructure and service items of clearing brokers. By reducing the transaction costs and providing optimal workflows, Sernova lowers the barriers to centralised clearing for regional banks and investment managers.
"Calypso seeks to make the financial markets really work on Cloud," said Calypso CEO Pascal Xatart. "Our investment and partnership with Sernova Financial will broaden the markets we serve by providing the industry with a turnkey cloud-based solution to access the Centralised Clearing Counterparties (CCPs) network".
Venkatesh Ramasamy, Executive Chairman and Co-Founder, Sernova Financial, added, "Calypso entry into our capital strengthens our technical and commercial partnership with a recognised industry leader. Regulatory hurdles have reduced the number of clearing brokers and increased the cost of their services. Providing unrivalled cost and operational efficiency, Sernova needed to expand its product coverage to address a soaring demand".
Calypso was recently awarded the 2016 Technology Provider of the Year by Asia Risk Magazine, Best OTC Clearing and Risk Management System Implementation, in collaboration with Hong Kong Exchange, by Asian Banker 2017, and Software Vendor Platform of the Year by QA-Financial, 2017.
About Sernova Financial
Sernova Financial is an innovative provider of turn-key post-trade services with a focus on clearing and extensions into back-office services such as collateral and integrated risk management. Sernova Financial's solutions are designed and built by ex-prime service professionals of a top-tier global bank with specialization on intermediation, clearing, collateral, and risk management. Their solution is delivered in partnership with Calypso Technology and TCS.