KPMG buys Aussie fintech firm

Big four audit firm KPMG has taken over Australian financial technology consultancy Markets IT in its latest bid to shore up its IT practice.

The technology sector has emerged as a fierce battleground for the big four audit firms.

KPMG's takeover of security provider First Point Global last March marked its sixth dip into the market in the 18 months prior.

The firm today said there had never been a greater need in the finance market for "integrated, business-centric technology services".

Markets IT would be able to provide the "deep subject matter expertise" needed for effective implementation of finance technology solutions. The firm declined to disclose the commercial terms of the deal.

"Financial services organisations face an unprecedented landscape of rapid change –continual regulatory changes, heightened competition, innovation threats and opportunities, and technology changes," KPMG Australia CEO Gary Wingrove said in a statement. 

“Markets IT is a very timely and strategic acquisition that also supports our global capital markets strategy."

Founded in 2011, Melbourne-based Markets IT provides integrated trading, risk management, regulatory reform, trader surveillance, processing and post-trade solutions for financial services organisations.

Company founder Tim Robinson said the company's growth was initially driven a result of its partnership with financial systems vendor Murex, but the business was now diversifying into regulatory-related services like trader surveillance.

Robinson will join the firm as a partner, while co-founder Craig Snell and director John Rusjan join as directors.

Markets IT staff will merge with KPMG's capital markets technology team to offer a national team of 40 experts.