< The 2014 Tech 50: Moving Out of the Lab and Into the Cloud
5
Lance Uggla
Chief ExecutiveOfficer
Markit
Last year: 3
Lance Uggla was never one to hide his aspirations of disrupting the old order in financial information and technology services. Exactly how Markit, which the Canadian-born entrepreneur founded in 2003 as a credit derivatives pricing service, would execute that strategy was not always so transparent. With the London-based company’s $1.3 billion June IPO in the U.S., the veil is lifted. The registration statement said Markit has more than 3,000 institutional customers globally and listed units or products of Bloomberg, ICAP and Intercontinental Exchange among a sampling of competitors. It also revealed that 2013 revenue from Markit’s information, processing and solutions divisions totaled $948 million. Up 10 percent from 2012, the figure is nearly one eighth that of Bloomberg, with which Uggla has been known to spar. He has pointed out that privately held Bloomberg has roughly as many technologists as Markit has employees. Of Markit’s 3,200 employees, 1,100 work in information technology. Another contrast: Bloomberg rarely makes acquisitions; Markit made seven from 2011 through 2013 and this year added trade-order- and portfolio-management-software company thinkFolio and tax-reporting servicer Compliance Technologies International. Uggla, 52, says a key to Markit’s success is that more than 2,000 of its employees are shareholders and “think like owners,” resulting in “an institutionalized culture of entrepreneurship.”
The 2014 Tech 50
| 1 | 1 | 3 | 4 | 5 |
| Thomas Secunda Bloomberg | Jeffrey Sprecher Intercontinental Exchange | Catherine Bessant Bank of America Corp. | Stephen Neff Fidelity Investments | Lance Uggla Markit |
| 6 | 7 | 8 | 9 | 10 |
| Robert Goldstein BlackRock | David Craig Thomson Reuters | Phupinder Gill CME Group | Anna Ewing NASDAQ OMX Group | R. Martin Chavez Goldman Sachs Group |
| 11 | 12 | 13 | 14 | 15 |
| Deborah Hopkins Citi Ventures | Dan Mathisson Credit Suisse | Daniel Coleman KCG Holdings | Michael Spencer ICAP | Michael Bodson Depository Trust & Clearing Corp. |
| 16 | 17 | 18 | 19 | 20 |
| Joe Ratterman BATS Global Markets | Dominique Cerutti Euronext | Ron Levi GFI Group | Gaurav Suri D.E. Shaw Group | Charles Li Hong Kong Exchanges and Clearing |
| 21 | 22 | 23 | 24 | 25 |
| Lou Eccleston S&P Capital IQ | Lee Olesky Tradeweb Markets | Richard McVey MarketAxess Holdings | Seth Merrin Liquidnet Holdings | Antoine Shagoury London Stock Exchange Group |
| 26 | 27 | 28 | 29 | 30 |
| Christopher Perretta State Street Corp. | Kevin Rhein Wells Fargo & Co. | Peter Carr Morgan Stanley | Hauke Stars Deutsche Börse | Robert Alexander Capital One Financial Corp. |
| 31 | 32 | 33 | 34 | 35 |
| David Gershon SuperDerivatives | Chris Corrado MSCI | Joseph Squeri Citadel | Tanuja Randery BT Global Services | John Bates Software AG |
| 36 | 37 | 38 | 39 | 40 |
| Gary Scholten Principal Financial Group | David Gledhill DBS Bank | Simon Garland Kx Systems | Cristóbal Conde FinTech Innovation Lab | Jeff Parker EidoSearch |
| 41 | 42 | 43 | 44 | 45 |
| Kim Fournais & Lars Seier Christensen Saxo Bank | Kenneth Marlin Marlin & Associates | Tyler Kim MaplesFS | Jim McGuire Charles Schwab Corp. | Jim Minnick eVestment |
| 46 | 47 | 48 | 49 | 50 |
| Steven O’Hanlon Numerix | Sebastián Ceria Axioma | Yasuki Okai Nomura Research Institute | Niki Beattie Market Structure Partners | Mas Nakachi OpenGamma |
