January 24, 2024 at 11:40AM
Global financial technology firm EquiLend faced a cyberattack resulting in system disruptions and unauthorized network access. The company is working to restore affected services, engaging third-party experts for investigation. A recent acquisition by U.S. private equity firm WCAS is pending, with an additional $200 million investment committed. EquiLend’s Next Generation Trading platform handles over $2.4 trillion in monthly transactions.
Key Takeaways from Meeting Notes:
1. Cyberattack Incident:
– On January 22, 2024, EquiLend experienced a cyber security incident that disrupted its operations, causing some systems to go offline and unauthorized access to its network.
– Immediate steps were taken to secure the systems, and efforts are underway to restore affected services.
– Third-party cybersecurity firms have been engaged to investigate the breach and expedite restoration efforts.
– The duration of restoration has been communicated to clients as potentially taking several days.
2. Acquisition by WCAS:
– The recent announcement of EquiLend’s acquisition by U.S. private equity firm WCAS is poised to close in Q2 2024, subject to regulatory approval.
– WCAS has committed a further $200 million investment to support organic growth initiatives and acquisitions by EquiLend.
3. Background on EquiLend:
– Founded in 2001 by a consortium of ten global banks and broker-dealers, EquiLend has a significant presence globally.
– With more than 330 employees and offices in North America, EMEA, and Asia-Pacific, EquiLend’s services are utilized by over 190 firms worldwide, including agency lending banks, hedge funds, and broker-dealers.
– Equilend’s Next Generation Trading (NGT) platform facilitates transactions exceeding $2.4 trillion each month in the securities finance marketplace.
Please let me know if you need further details on any specific points.