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RegTech business Boat successfully turned around

Cinnober acquired Boat Services Ltd from Markit (now IHS Markit) and tasked a TACTech partner with turning around the fortunes of the regulatory technology business and using Boat as a platform to expand the services offered to banks and brokers.

Further information

Cinnober acquired Boat Services Ltd from Markit (now IHS Markit) and tasked a TACTech partner with turning around the fortunes of the regulatory technology business and using Boat as a platform to expand the services offered to banks and brokers. At acquisition Boat’s market share had deteriorated from circa 90% to 20%.

 

The Client

Cinnober is a leading provider of trading and clearing technology, serving exchanges and clearinghouses globally. Cinnober is now part of Nasdaq group after being acquired in Q1, 2019. Ancoa provides market surveillance, trading and operational analytics to banks, brokers, exchanges and regulators.

 

Challenges

Boat Services Ltd was originally formed by a consortium of tier 1 banks including Goldman Sachs, UBS, HSBC and Morgan Stanley. In 2008 the platform was acquired from the consortium by Markit, at that point the vast majority of financial market trades were made public via the service. Over the next 4 years market share feel significantly but Cinnober saw value in the business and sought the service of our TACTech partner to turn around the business.

 

How TACTech Partners Helped

Initial focus was on reducing any further decline in market share and ensuring close engagement and support with existing clients. TACTech provided a Head of Business development to undertake a review, and present a number of strategic options to the new owners. This review resulted in a clear understanding of the challenges and opportunities to recover the business and create value. 

With a new strategy agreed a number of potential strategic partners were identified and assessed. This resulted in the formation of a strategic alliance with the London Stock Exchange and the creation of a new sales and product development team.

 

Results, Return on Investment and Future Plans

Within 2 years of acquisition, the firm went multiplied clients to over from 20 to over 400. Sales revenues, profits and corporate valuation significantly increased. 

 

About TACTech Turnaround Services.

TACTechs broad and deep bench of Executives in residence and practitioners in Operations, Technology, finance, regulations and marketing allows a unique value proposition to quickly understand the core issues in an organisation and transform a failing firm into a profitable venture.

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