"It's not just vertical integration, it's horizontal integration at the same time, which will provide some real grunt, especially when it comes to data and data analytics, training PhD students, and collaboration with industry," Minister Laundy said.
"What this merger will deliver to this country moving forward, not just for the PhD students moving up and out into the world, and the benefits that we'll have as a country moving forward, is limited only by your imagination. You’re the sort of people we in government wish we could find more of to back."
The new not-for-profit global translational research hub will:
● significantly increase the scale and capacity to :
○ deliver world-leading translational research and industry engagement, resulting in solutions, products and new companies that will enhance the fairness and efficiency of global markets (or "Market Quality")
○ develop and provide relevant global data and advanced tools to promote and enable financial research and innovation, particularly by member universities.
● expand the world’s largest cross-disciplinary industrial PhD program producing future R&D leaders in data science, finance, market quality and market design
● bring together and leverage a community of around 70 industry partners, 50 universities, over 250 experts and 12 companies in our corporate family;
● Provide expert teams who will deliver value to industry by solving their problems and generating impact and outcomes for our university partners and students.
The new entity combines a track record of demonstrable success in translational research and bringing innovation to capital and securities markets, health markets, energy markets, facilities management, digital assets, supply chain logistics and financial research.
CMCRC Chair Dr David Skellern said the merger strengthens Australia’s leadership position in translational research into how data can be leveraged to improve markets.
"This merger consolidates two of the leading translational research organisations in the area of market structures and regulation, data intelligence (mining, analytics, visualisation and utilisation), technology development and innovation to solve many of the biggest problems facing government, business and consumers," Dr Skellern said.
"The Federal Government's National Science and Innovation Agency has set out the challenge Australia faces in moving from the bottom rung of nations in university-to-industry collaboration. CMCRC has been a shining light in the movement to change that status quo and this merger means increased scale and capability to make a far greater impact."
SIRCA Chair Andrew Macpherson said that SIRCA had been extremely successful in serving the needs of a large number of universities over the past 21 years and in providing some of the largest and most innovative data services to global corporate clients, such as the Thomson Reuters Tick History Product.
"By joining forces with CMCRC, SIRCA achieves not only a continuation of delivery of the SIRCA mission but a significant expansion of its scale and capability to bring new benefits to members, and the wider university and industry sectors we serve," Mr Macpherson said.
"Both CMCRC and SIRCA have the same mission – to enhance the research outputs of the Australian economy by developing, delivering and enhancing the industrial research collaborations, research infrastructure and capabilities and connectedness of universities, industry and government, making markets better and unlocking value in data.
"Both CMCRC and SIRCA have proven track records in building global solutions leveraging data, analytics and technology. As a single entity, our ability to continue our expansion into markets like health, energy and property is exponentially increased. By creating market efficiencies across these markets at a global level, we will increase the value for end users and identify ways that providers can optimise their cost base."
The CMCRC will continue to deliver on all of its obligations to the Commonwealth and participants under the Cooperative Research Centres Program, and SIRCA will continue to provide access to global data and tools to its member base.
The combined organisation’s headquarters will be co-located with a new data research and technology community across three floors in Sydney, with branches in China and Europe supporting a global network of over 70 industry partners across five continents.
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