Markit has announced the acquisition of enterprise data management specialist Cadis.

Cadis which has offices in London, New York, Boston, Hong Kong, Luxembourg, Manchester, Paris, Sydney and Tokyo will be operated as as a business unit in tandem with Market's other enterprise solutions, which include Markit Analytics, Markit Portfolio Management and Markit on Demand. Former Cadis CEO Daniel Simpson has been named as a member of the executive management team.

Commenting on the acquisition, Markit CEO Lance Uggla said: "Data management is top of just about every financial institution's agenda, the scale and complexity of the data being managed has never been greater. Following this acquisition, we will be able to provide our customers with Cadis' market-leading data management solution. The EDM space is large, global and growing and Cadis fits well with Markit's entrepreneurial growth-oriented culture."