The consolidation machine keeps rolling

To kick off, Andy, let's discuss Fitch's recent acquisition of Algorithmics. How has the acquisition affected your organisation?

In general, it's been quite positive. Effectively we had fairly complicated capital and investor structures prior to the acquisition but what the acquisition did was simplify things and replace the investment and incentive structures from the previous venture capitalists with a strategic view to growing the business. They [Fitch] bring an expertise and co

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