California fintech firm, InvestCloud announced on Monday it acquired London-based Babel Systems for $20 million. This news comes just a few months after JPMorgan Chase & Co. (NYSE: JPM) announced it made an equity investment in InvestCloud.
Founded in 2008, Babel created the Babelsys securities processing system for platforms, new D2C propositions, stockbrokers, and Wealth Managers. The company explained it also provides reliable technology to underpin its customers’ business in a highly regulated marketplace.
While sharing details about the acquisition, John Wise, chairman and CEO of InvestCloud, stated:
“InvestCloud needed an extremely high-volume and low-cost trading and accounting solution designed for the cloud. Babel is the answer. Babel is designed for the international market and is the most modern platform in the world designed for Robo and Wealth; however, it’s also versatile and can be applied to all major financial markets.”
Steve Wise, founder of Babel Systems, added:
“Babel’s next step was to target the US market; this deal greatly accelerates that initiative. InvestCloud’s digital solutions are world class and perfectly positioned to capitalize on our API approach, as proven by their selection by JPMorgan Chase.”
Babel currently has 50 employees in its London office and will reportedly continue to keep a presence in the UK while expanding to the U.S.
