Gissing acquired by Reuters - what does it mean for customers?
As you may have seen reported in the press, or on our website, Gissing Software agreed to be acquired by Reuters on December 21st 2007, and the transaction completed on 19th January 2008.
The deal is closely aligned with Reuters strategy to power the financial markets by providing a combination of content and transactions related services, distributing both Reuters and third party content and liquidity. This relies on Reuters ability to deliver local color by leveraging its global scale to address growth in geographic markets such as the Gulf as well as increase market share in established markets like U.S. Fixed Income. This means effectively step changing Reuters ability to tailor its offer to meet local or asset class-specific customer needs.
 In over-the-counter markets, prices contributed by market participants play a critical part of Reuters overall offer, bringing transparency to markets that have previously been opaque. Sell-side clients see distribution of their executable prices ‘over Reuters’ as a core element of its proposition, so its ability to execute the on-boarding and distribution of their content really matters to them.
Gissing has experienced significant growth over the last few years, securing many of the world’s largest financial institutions as clients. It is highly-regarded for its expertise in the development of specialist ‘adaptors’ that enable organizations to contribute data to multiple destinations from multiple sources.
Customers of both companies will benefit from more compelling offerings resulting from Gissing’s market leading technology and specialist resources that will allow Reuters to replace legacy client site contributions products and rationalize to a single Reuters collection infrastructure.
Gissing will continue to operate as a standalone wholly-owned subsidiary; since the transaction completed, the team at Gissing has been working closely with several different teams within Reuters to establish the most effective level of collaboration and, where appropriate, integration between the organizations.
This process is coming to its natural conclusion. The intention is that from May 17th Gissing products including Gissing ConteX MCS 4 and Gissing EBS Market Rates Feed Handler will be available to Reuters customers under existing contracts including Reuters Global Agreement (RGA), Reuters Services Contract (RSC) and Reuters Solutions Agreement. Reuters normal terms of business, including contracted discounts, will apply. New customers for these products, and customers migrating from Gissing ConteX MCS R3, will be offered a Reuters Services Contract which can be executed either by their Reuters or their Gissing account manager.
Other products, including Gissing ConteX MCS R3, Gissing RealtimeXL, Gissing Bloomberg Trading Integration and Gissing Shared Data Server will continue to be available directly from Gissing under a Gissing contract.
As the market leader in multi contribution systems, Gissing will continue to offer input and output handlers for sources and destinations other than Reuters. In particular output handlers for Bloomberg, Telekurs and Fininfo will continue to be developed, enhanced, sold and supported.
Gissing’s office in Bromley remains the headquarters of the company, where administration, development and support will still be based. In line with Gissing’s intention to have a sales presence in the City of London, Gissing’s UK-based sales and marketing team will largely operate from Reuters offices at Kildare House, near Fleet Street.
In the US, Gissing’s New York team will move to Reuters offices in Times Square. Contact details on the Gissing website will be updated as these moves take place. Contact details for customer support remain unchanged.
We are looking forward to an exciting future as part of a global organization while continuing to offer the exception levels of product quality, performance and support to which our customers have become accustomed.
If you require any further information please contact your Gissing or Reuters account manager, or email us at sales@gissing.com.
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