InvestCloud snaps up UK fintech firm Babel Systems

California-based technology platform InvestCloud has acquired London-based fintech firm Babel Systems in a $20m deal.

California-based technology platform InvestCloud has acquired London-based fintech firm Babel Systems in a $20m deal.

Babel offers a modular API-based trading and accounting solution that offers order processing, settlement, custody, accounting, fees and charges, corporate actions, compliance, payments and portfolio management.

The acquisition of Babel adds Babel’s trading and accounting capabilities to InvestCloud’s digital platform.

InvestCloud chairman and CEO John Wise said: “InvestCloud needed an extremely high-volume and low-cost trading and accounting (book-keeping) 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.”

“InvestCloud’s acquisition of Babel Systems will mark the completion of integrating the full Robo solution stack and will also be used to provide a true cloud alternative to solutions from incumbents like FIS SunGard and SS&C Advent.”

InvestCloud EVP of marketing Mark Trousdale added: “For wealth managers and allocators (multi-family offices, pensions and endowments) that struggle with old accounting systems, InvestCloud and Babel offer a low-friction, cost-effective and massively flexible platform.”