Global fintech firm InvestCloud announced on Thursday it is expanding into Europe by launching a new division and opening its London Soho headquarters.
According to InvestCloud, the forming of its icMAC (Modeling, Accounting & Custody) division follows the firm’s $20 million acquisition of London-based Babel Systems, which was announced in January 2017. The division’s launch completes the integration of Babel into InvestCloud. The company also noted that thanks to its European expansion, its regional team has already doubled its headcount since 2016, and the launch of icMAC brings the office’s headcount to 60, incorporating a mix of sales, pre-sales, professional services and market data experts alongside former Babel staff.
Steve Wise, EVP of icMAC, stated:
“The launch of icMAC tackles the greatest challenge facing wealth managers and financial institutions as they digitalize their services – the dependency on legacy technology. Those businesses looking to move on will find our approach particularly appealing, combining our market-leading Digital Warehouse with trading, accounting and middle office capabilities that provide a complete, modern solution currently absent in the market.”
Will Bailey, EVP for Europe and Innovation at InvestCloud, also commented:
“Both InvestCloud and Babel were born with the same idea – to transform the financial services industry. The two complement each other perfectly, and combining them ensures firms of all sizes will be able to access a low-friction, cost-effective and massively flexible platform. Commenting on the new offices, Bailey added, “Siting our new offices in the heart of London’s creative industries in Soho mirrors the location of our global headquarters at the Pacific Design Center in Los Angeles – an environment that appeals to designers, UX professionals, developers, data architects and financial services players alike. Our new base will act as a hub for European wealth managers and financial institutions to collaborate with us on innovative, user-centric solutions.”