Irish real-time analytics and machine intelligence firm, Corvil, is to be bought by global financial markets technology services provider Pico.

The fee for the takeover has not been disclosed.

Together the two firms will have over 400 customers, including banks, asset managers, exchanges, fintech vendors and trading firms.

The expanded company, which will operate under the Pico brand with the Corvil name used for its products and services, will have a combined workforce of more than 375.

"We see a new era of financial technology for the capital markets emerging," said Donal Byrne, CEO of Corvil, who will become chief technology officer in the new firm.

"This will be defined by an on-demand and machine intelligent technology paradigm delivered as a service for infrastructure, platform, cloud, data and analytics."

"In the fast-paced global financial markets, you need to make your move on the markets before the markets move on you."

"With Pico, we are making a transformational move on the $50 billion financial technology services market." 

Corvil was founded in 2000 by the late John T. Lewis along with his students at Trinity College Dublin and later the Dublin Institute of Advanced Studies, Ian Dowse, Fergal Toomey and Raymond Russell.

Pico is a privately held company with a consortium of investors holding a minority ownership position, many of which are also clients.

These include Goldman Sachs, J.P. Morgan, UBS and Wells Fargo.

The acquisition is expected to close within 30 days, subject to closing conditions being met.