CounterpartyLink is rumoured to have collapsed after falling into financial difficulties and failing to find an investor. Data Management Review understands that DTCC’s Avox is in line to purchase certain assets, thereby eliminating a competitor from the entity data business.

A letter was circulated to clients of CounterpartyLink today informing them of the news. It is not clear exactly what assets Avox is purchasing, but it is understood that any CounterpartyLink clients would need to establish new contracts with Avox in order to receive entity data.

Calls to both companies seeking verification were not returned today.

CounterpartyLink was established in 2005 and spun out of Cicada. It’s goal was to “build the world’s leading source of high-quality data on legal entities”. Its Managing Director James Redfern is rumoured to be continuing in some capacity but it is unclear what will happen to the remaining employees.

The company has about 80 existing customers, mostly banks and brokers that use CPL services for risk or compliance.