Similarly, there is a business computing custom indices that a bank uses in products. The bank is perfectly capable of computing the index itself, but it needs to be handled by a third party that is paid handsomely to just re-calculate what the bank already calculated.
One example of that is Markit Group, which had revenue of $1.5bn/yr when it merged with IHS in 2016 at an implied valuation of roughly $5.5bn. Best London startup of the last 25 years, including DeepMind, not close.
