RealTime IT News

IDC Focuses on Financial Services

Setting its sights on the financial services industry, IDG research division IDC Monday acquired Newton, Mass.-based Meridien Research.

The merged company -- which will stand separate from IDC's more generalized IT research -- will focus exclusively on the financial services industry, and will bring on Michon Schenck, a 20-year veteran of the industry, as chief operating officer and managing director. Schenck comes to IDC from Sybase subsidiary Financial Fusion, where she served as president and chief operating officer.

"There is a significant and unmet need in the financial services industry for market advice based on a solid technology vision," Schenck said. "By combining the scope of IDC's global research with the industry experience of Meridien, IDC will be able to provide unparalleled research and advisory services."

Meridien currently provides its research services -- focused on e-financial services, trading and risk management, and customer relationship management -- to banks, insurance companies, asset management firms, securities brokerages, diversified financial institutions and specialized technology providers to the financial services industry. Meridien said it will continue its publications and client relationships through the merger transition.

"There will be a separate company focused on financial services, but that will not affect IDC's broad coverage of the IT market at all," said IDC spokesman Michael Shirer. "This is an extension of the research we've been doing in financial services. This was a great opportunity for us to go deeper and broader in that vertical."

Financial terms of the deal were not disclosed. The new company will be based in IDC's Framingham, Mass. headquarters, and will operate out of IDC's network of global offices.

The acquisition has already closed, and IDC said the new company will lay out its new product strategy and research offerings in the next few weeks.