Percival

What Percival does

Percival Software Limited is a privately held UK-incorporated software vendor, founded in 1986 and operationally headquartered in Tallinn, Estonia, that builds mission-critical post-trade and trading infrastructure for capital markets. Its four-product suite consists of DEPEND (Central Securities Depository software for clearing, settlement, registry, corporate actions, and T2S integration), REGARD (registry and Transfer Agent system for share registrars and corporate issuers), REVENUE (multi-venue, multi-currency, multi-asset trading platform handling up to approximately 25,000 trades per day), and HUBBLE (Enterprise Service Bus supporting ISO 15022, ISO 20022, FIX, and proprietary messaging with T2S connectivity and billing-linked message tracking). The integrated stack is built on a .NET-based scalable architecture and is deployed across 20 countries with 9 CSD contracts won since 2008, including national CSDs and exchanges in Europe, West Africa, the Caribbean, Central America, and the Caucasus. The company sells primarily through direct enterprise field sales to government-owned market infrastructures, running formal selection processes, design studies, and delivery agreements, and supplements this with industry-event participation (World Exchange Congress, FEAS, ACSDA, AMEDA), a strategic cooperation with Deutsche Börse (since 2015), and FEAS affiliate membership (since 2022). Revenue is generated through software licensing, implementation and professional services, and recurring support, with disclosed pricing negotiated project-by-project given the enterprise nature of deployments. With 11-50 employees and a management team led by CEO and System Architect Chris Richardson, the firm emphasizes long-tenured domain expertise (team together 15+ years), regulatory credentials (CSDR, CAJWG, CPSS-IOSCO, ECSDA), and continuous product evolution through its seventh development cycle.

Name

Percival

Legal name

Percival Software Limited

Website

https://percival.co.uk

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

11–50 employees

Short description

Percival Software Limited is a UK-founded, Tallinn-headquartered vendor of post-trade and trading infrastructure (DEPEND, REGARD, REVENUE, HUBBLE) sold to central securities depositories, exchanges, and share registrars across 20 countries.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Software Licensing: Percival licenses its CSD, registry, and trading software platforms (DEPEND, REGARD, REVENUE, HUBBLE) to central securities depositories, stock exchanges, and registrars. The company develops and renews products continuously, currently in its seventh development cycle.
2. Implementation and Delivery Services: Percival provides implementation and delivery services for its software solutions, including design studies, system integration, and go-live support. The Latinclear Panama project involved a formal selection process and design study before implementation.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Percival develops, licenses, and implements enterprise software for financial market infrastructure operators. Its product suite comprises DEPEND (Central Securities Depository platform for clearing, settlement, and registry operations), REGARD (Share Registrar and Transfer Agent system), REVENUE (multi-venue trading platform), and HUBBLE (Enterprise Service Bus providing ISO 15022/20022 messaging and T2S integration). The software is sold to national and regional CSDs, stock exchanges, and registrars across Europe, Africa, the Caribbean, Latin America, and Asia.

Product overview

Percival offers a platform-plus-modules architecture consisting of four distinct products: DEPEND (CSD software for clearing, settlement, and registry operations), REGARD (Registry/Transfer Agent solution), REVENUE (stock exchange trading platform), and HUBBLE (Enterprise Service Bus/messaging layer). DEPEND and HUBBLE are designed to work together, with HUBBLE providing the integration and messaging layer that connects DEPEND with T2S and other market infrastructure. REVENUE integrates with DEPEND for seamless processing from order entry to final settlement.

Differentiator

Problem solved

Functional benefit

Brands

• DEPEND: Central Securities Depository (CSD) software platform for clearing, settlement, and registry operations in modern capital markets.
• REGARD
• REVENUE
• HUBBLE

Products and services

• DEPEND Central Securities Depository (CSD) software platform for clearing, settlement, and registry operations. Supports equity and fixed income securities processing, corporate actions, beneficial owner tracking, multi-currency money clearing, RTGS integration, and BIS settlement models 1-3. Fully CSDR compliant with corporate action processing compatible with CAJWG standards.
• REGARD Advanced registry system for Share Registrars and Transfer Agents (RTAs). Supports full lifecycle of registry and shareholder administration including corporate actions, employee share schemes, IPO and takeover management, online shareholder meetings, share pledging and blocking, beneficial owner monitoring, CREST interfaces, and dividend processing with SEPA and USD payments. Includes integrated web access module and advanced reporting.
• REVENUE Multi-exchange and multi-venue trading platform supporting multiple trading boards, multi-currency trading, and integration with multiple CSDs. Handles up to approximately 25,000 trades per day. Supports order-driven, quote-driven, and hybrid markets with opening and closing auction capabilities. Fully integrated with DEPEND CSD solution for seamless processing from order entry to settlement.
• HUBBLE Enterprise Service Bus (ESB) solution providing a message hub for financial market infrastructure integration. Supports ISO 15022 and ISO 20022 messaging standards, FIX protocol, and proprietary message formats. Provides T2S integration, participant-level message configuration, integrated billing, access control, and comprehensive message tracking with full audit capability. Links messaging activity to billing rules and tariff structures.

Quantifiable outcome

• Implemented in 20 countries with 9 CSD contracts since 2008
• +2 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature4 records

Partnerships

Two partnerships are on record, tiered core and major.

• FEAS (Federation of Euro-Asian Stock Exchanges)coreGTM or Marketing Partner · 2 May 2022Percival was approved as an affiliate member of FEAS during the 34th Extraordinary General Assembly in May 2022. Membership provides access to FEAS Benefits including business support, knowledge sharing through training and webinars, research and publications, PR support, and participation in FEAS Flagship event ConFEAS.
• Deutsche BörsemajorStrategic or Co-development Partner · 10 November 2015Percival Software Limited supports Deutsche Börse Group in offering comprehensive capital market technology infrastructure for developed and emerging economies. This is a strategic cooperation for post-trade capital market IT solutions.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Broadridge Financial Solutions: Broadridge provides post-trade, securities processing, and asset servicing technology to financial institutions. Its Itiviti trading platform and post-trade solutions compete broadly with Percival's REVENUE trading platform and CSD/post-trade stack.
• Temenos: Temenos provides banking and capital markets software including securities trading, custody, and wealth platforms. It targets similar financial institution buyers and overlaps with Percival in core banking and capital markets infrastructure.
• FIS (SunGard Capital Markets): FIS (via SunGard) provides a broad suite of capital markets and post-trade software to banks, brokerages, CSDs, and exchanges globally. As a much larger incumbent, it competes on bundled, end-to-end solutions versus Percival's specialist CSD focus.

Others

• Euroclear: Euroclear operates one of the world's two dominant ICSDs and increasingly licenses technology and connectivity services. As a customer-side competitor in CSD consolidation RFPs, it represents a major alternative vendor to Percival's DEPEND.
• Deutsche Börse / Clearstream: Deutsche Börse is both Percival's strategic partner (2015 cooperation agreement) and operates Clearstream, a global ICSD that competes for CSD modernization mandates. This dual role makes it both a channel and a potential competitor.

Emerging players

• Murex: Murex provides trading, risk, and post-trade processing platforms primarily to banks and treasury operations. While more focused on trading and treasury than CSD, it competes for capital markets IT budget at shared client institutions.
• TCS (BaNCS for Capital Markets): TCS BaNCS offers capital markets and post-trade processing software targeting banks and financial market infrastructures, with growing presence in emerging markets similar to Percival's footprint.

Direct peers

• Iress: Iress provides trading, market data, and post-trade workflow software to exchanges, brokers, and wealth managers globally. Its trading platform and connectivity solutions are comparable to Percival's REVENUE and HUBBLE offerings for emerging and mid-sized venues.
• SmartStream Technologies: SmartStream provides post-trade processing, securities operations, and reconciliation software to CSDs, custodians, and banks. Its product portfolio (Affirmative, TLM) directly overlaps with Percival's CSD, registry, and reconciliation capabilities.
• Nasdaq Market Technology: Nasdaq's Market Technology business sells exchange trading, clearing, and CSD software to exchanges and depositories worldwide, directly competing with Percival's DEPEND and REVENUE offerings in CSD and trading infrastructure deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCbXqVeG2iv7v7G5cY5v5JEA
• LinkedInlinkedin.com/company/percival-software
• Xx.com/_percival

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Percival