Kennet Venture Partners has exited its investment in Monis Software, a financial analytics software business. Monis has been acquired by SunGard Trading and Rick Systems, an operating group of SunGard. Financial details of the transaction were not disclosed.
Kennet invested $2.7 million in Monis in 1998 and was the company’s primary financial backer. Michael Elias, managing director of Kennet Venture Partners and a member of Monis’ board of directors since 1998, said: “The acquisition of Monis by a global leader such as SunGard is a testament to the quality of its products, its team, and the company’s strong market position. Founders and co-chairmen Emanuel Mond and Brent Issacs have done a terrific job building this business and I am certain that within SunGard, the company will continue to prosper.”
Monis prices models, analytic libraries and data services for convertible bonds, equity options, FX options, interest rate derivatives, credit derivatives and credit default swaps. The company will become an operating unit of SunGard Trading and Risk Systems, led by Emanuel Mond, co-founder and current co-chairman of Monis. The new unit will incorporate SunGard’s TrueCalc application for convertible bond pricing and analysis, in order to leverage the synergies between the Monis and TrueCalc applications.