Administrators have saved the jobs of UK-based regulatory and financial markets surveillance specialist Ancoa Software.
Alex Cadwallader and Andrew Duncan, of Leonard Curtis Business Solutions, were appointed as joint administrators to Ancoa Software on May 5 this year.
Ancoa had been trading for seven years across two offices in London and its clients included banks, brokers and buy-side firms as well as a national regulator.
It developed a monitoring and surveillance platform for the financial markets and became insolvent in May this year when it failed to secure an investment required to improve some of its offerings.
The business and certain assets of Ancoa were sold immediately to Swedish technology group Cinnober Financial Technology. The sale meant the jobs of Ancoa employees were saved and some customer contracts were maintained.
Stockholm-headquartered Cinnober provides technology to market operators, clearing houses, banks and brokers.
Veronica Augustsson, chief executive of Cinnober, said the deal is expected to “bring additional competences and deepens our leading product portfolio, targeting banks and brokers as well as exchanges and clearing houses.”
Cadwallader said: “This deal has enabled the ownership of the business and certain assets to transfer to Cinnober without any disruption. We feel that it is the best outcome for all employees as well as customers.”