In a two–step reorganization, our client, data warehouse provider Netik, has used funding from private equity firm Symphony Technology Group (STG) to spin off from majority–owner Bank of New York Mellon Corp. and acquire Capco’s reference data management arm. The financial terms of the deals, completed in January but announced today, were not disclosed.
Netik officials said that Palo Alto, Calif.–based STG, a technology holding company, now holds a majority stake of undisclosed size in the company; Bank of New York Mellon, which previously owned 51 percent, retains a minority interest.
The former Bank of New York purchased its stake in Netik in late 2003 and has been using the company’s InterView7 data hub for its fund administration and investment operations outsourcing businesses. BNY Mellon subsidiary Pershing has also installed InterView7 for its new prime brokerage operations.
Marlin & Associates served as the strategic and financial adviser to Netik’s management. Netik’s decision to replace its majority owner was unrelated to Bank of New York’s acquisition of Mellon Financial Corp. in July, said Wise. The former Mellon relied on a data warehouse from its Eagle Investment Systems subsidiary.