PolarLake at heart of new data-sharing deal between Bloomberg and Markit

5 Nov 2013

Technology developed by Dublin-headquartered software company PolarLake is the lynchpin of a new cross-distribution deal agreed between Bloomberg and Markit for enterprise data management (EDM) services.

Bloomberg and Markit today announced a non-exclusive agreement to distribute their pricing and reference data through Markit’s EDM platform and Bloomberg PolarLake, respectively.

Markit’s EDM services and Bloomberg PolarLake provide enterprise data management solutions that enable the acquisition, validation, storage and distribution of data in a consistent, fully audited environment.

“In today’s demanding regulatory environment, financial institutions want a data governance process that reduces costs, mitigates risk exposure, and enhances data quality,” said John Randles, CEO of Bloomberg PolarLake.

“This agreement enables Bloomberg PolarLake to deliver a more comprehensive data management solution as an installed or hosted EDM service, in order to better meet the needs of our financial services clients.”

Last year, Bloomberg acquired PolarLake for an undisclosed sum.

Randles told Siliconrepublic.com that since Bloomberg bought PolarLake, employment has grown from 45 to 90 in Dublin and more than 100 worldwide.

Daniel Simpson, managing director and head of enterprise software at Markit, said: “This agreement between Markit and Bloomberg is a win-win for our customers, giving them the ability to manage their data through their system of choice.

“We look forward to making this enhanced data set available across our installed and hosted EDM platforms,” Simpson said.

Big data image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years