Rob Mackay, CEO of Itiviti, the technology and services supplier owned by Nordic Capital, has commented on recent news that there has been a significant outflow of staff from competitor Fidessa following its takeover by Ion in 2018.
Mackay said: "Fidessa built a great business over decades. It was founded on a strong team that listened to their clients. Despite Itiviti being a competitor of Fidessa's, it is distressing to see all that hard work being unwound so quickly. We continue to see a trend amongst larger financial technology firms who have decided to no longer invest in their sell-side business. Itiviti continues to invest strongly in its sell-side platforms and sees the withdrawal of large legacy vendors like Fidessa as an opportunity to hire experienced talent to better serve our customers."
According to a recent report in waterstechnology, some 400-500 staff may have left Fidessa in the past 12 months.
In April 2018, it was reported by Financial News that Dublin headquartered Ion might move to shed staff after it beat Temenos in a £1.5bn bid for London based Fidessa.
Itiviti provides technology for financial services companies in areas such as connectivity, trading and compliance, and currently claims some 2,000 client in more than 50 countries.
Mackay started his role on 1 April 2019 at Itiviti, having previously been COO for the Fidelity National Information Services (FIS) Cross-Asset Trading & Risk business unit.