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Corporation
SOFTWARE (NON-INTERNET/MOBILE) | Asset & Financial Management & Trading Software
cinnober.com

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Founded Year

1998

Stage

Acq - P2P | Acquired

Valuation

$0000 

About Cinnober Financial Technology

Cinnober provides mission-critical solutions and services to trading and clearing venues. Cinnober's solutions are based on the TRADExpress Platform incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance. Cinnober's customers include Alpha Exchange, Borsa Italiana, BM&FBOVESPA, Burgundy, Deutsche Borse, Dubai Gold & Commodities Exchange, Eurex, Hong Kong Mercantile Exchange, London Metal Exchange, LME Clear, Markit BOAT, NYSE Liffe, Stock Exchange of Thailand and Quadriserv.

Cinnober Financial Technology Headquarter Location

Kungsgatan 36

Stockholm, SE-111 35,

Sweden

+46 8 503 047 00

Latest Cinnober Financial Technology News

KRM22 plc To acquire remaining 40% stake in Irisium Ltd

Apr 17, 2020

Posted by: Giles Arbor 17th April 2020 KRM22 plc, (LON:KRM) the technology and software investment company focused on risk management for capital markets, has today announced that it has come to an agreement to acquire the remaining 40% stake in Irisium Ltd from Cinnober Financial Technology AB, which the Company does not already own for a £0.55m convertible loan note. Nasdaq acquired Cinnober in 2019. Irisium provides a turnkey market surveillance system that provides customised, market-specific alerts, tailored reports, and integrated case management to make trade surveillance efficient and straightforward. In addition to traditional market abuse scenarios, Irisium monitors high frequency trading, abusive trading patterns and entity relationships. Since the initial investment by the Company, and in addition to enhancing the Irisium market surveillance platform, the Company has successfully integrated it into the Global Risk Platform and is integrating it into the Enterprise Risk Cockpit. Background to the Transaction The Company originally acquired a 60% stake in Irisium on 5 June 2018 for a cash consideration of £1.7m. In addition, KRM22 and Cinnober, provided a total debt facility to Irisium of £2.7m proportionate to each Parent Company’s stake in Irisium on that date. Under the terms of the Transaction, a total of £2.9m in debt (loans advanced to Irisium under the terms of the Debt Facility and accrued interest) together with £0.3 of Irisium other liabilities due to the Parent Companies, has been converted into ordinary shares in Irisium immediately prior to the Company consolidating its ownership of Irisium. On completion of the debt to equity conversion in Irisium, the Company immediately acquired the remaining 40% stake in Irisium for a total consideration of £0.55m payable to Cinnober by way of a convertible loan note (CLN) provided by KRM22 to Cinnober. The CLN is for a one-year term and can be satisfied by either the allotment and issue of ordinary shares of the Company by no later than 31 July 2020 or settled by cash at any point in the CLN term, at the Company’s sole discretion. The number of ordinary shares to be allotted to Cinnober shall be equal to £0.55m divided by £0.48 or the price at which KRM22 allots shares on any placement concluded before 31 July 2020. The interest rate payable on the CLN is 8 per cent. per annum payable quarterly. Cinnober is currently a 5.71% shareholder of KRM22. No cash consideration is payable upon announcing so is entirely cash neutral to the Company, other than future interest payments. Benefits of the Transaction The consolidation of the remaining stake in Irisium will provide the Company with full control over Irisium and allow complete integration with KRM22. The Transaction will immediately remove £0.7m of debt and liabilities from the Group’s consolidated balance sheet and £1.3m of debt from the consolidated balance sheet, should the CLN is satisfied by shares, at the Company’s sole discretion. Acquisition Financials Irisium is currently generating £1.6m annualised recurring revenue. For the full financial year to 31 December 2018, it achieved revenue of £1.3m and a loss before tax of £2.2m. Keith Todd CBE, Executive Chairman and Chief Executive Officer of KRM22 plc commented: “The transaction is a natural consequence following Nasdaq’s acquisition of Cinnober. It will allow a tighter integration with the core KRM22 Global Risk Platform accelerating the customer benefits from having one platform for market risk and market surveillance.”

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Expert Collections containing Cinnober Financial Technology

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Cinnober Financial Technology is included in 1 Expert Collection, including Fintech.

F

Fintech

19,054 items

Excludes US-based companies

Cinnober Financial Technology Patents

Cinnober Financial Technology has filed 7 patents.

The 3 most popular patent topics include:

  • CPU sockets
  • Dynamic programming
  • Financial markets
patents chart

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6/14/2011

5/1/2018

Financial markets, Futures exchanges, Derivatives (finance), Payment systems, Electronic trading systems

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5/1/2018

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Financial markets, Futures exchanges, Derivatives (finance), Payment systems, Electronic trading systems

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Grant

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