FIS (FIS) To Sell ClearPar Loan Trade Settlement Business to Markit
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FIS (NYSE: FIS) today announced that it has signed an agreement to sell its ClearPar automated syndicated loan trade settlement business to Markit, a leading global financial information services company. In addition, FIS' Advanced Commercial Banking Solutions (ACBS) division has entered into a strategic alliance with Markit to jointly promote sales of FIS' SyndTrak and SyndTrak Online and integrate these solutions with Markit's loan business data and settlement products. Terms of the sale, which is expected to close by the end of the fourth quarter, were not disclosed.
ClearPar, launched in 2001, is part of FIS' ACBS division and provides a middle-office platform for trade settlement in the syndicated loan market. The platform supports primary assignments and secondary market trading for U.S. and European credits, including a distress debt settlement service launched earlier this year.
SyndTrak and SyndTrak Online are FIS' industry leading Customer Relationship Management (CRM) and Deal Site Management products for the syndicated loan market.
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