Trading software provider Trading Technologies International, Inc., revealed it has agreed to be acquired by 7RIDGE, a specialized growth equity firm.
7RIDGE will drive Trading Technologies’ organic growth and allow the company to make targeted strategic acquisitions in the future. Among the limited partners of the fund managed by 7RIDGE are Cboe Global Markets, Inc. and Singapore Exchange, who have voiced their support of the transaction. The terms of the transaction were not disclosed. The deal is expected to close before year-end.
According to the official announcement, following the acquisition Trading Technologies will remain independent.
Tim Geannopulos, Chairman of the Board and CEO of Trading Technologies, said:
We’ve been in search of the right strategic partner to help Trading Technologies achieve the tremendous potential of our pioneering new technology platform and accelerate the expansion of the business and product roadmap. Maintaining the firm’s independence will allow us to retain the incredible talent within our organization and further strengthen our relationships as a valuable ally to our clients, our partners and the industry. We’re excited that 7RIDGE and its strategic limited partners including global exchanges Cboe and SGX believe in the future of our company and our vision of becoming the operating system of capital markets.
Geannopulos will step down from his current role shortly after the acquisition is finalised, however, he will remain actively engaged with the firm. Keith Todd will take his place as CEO of Trading Technologies. He brings more than two decades of experience in industry leadership in financial markets technology with FFastFill, ION and currently KRM22.
Todd said:
Trading Technologies has built an exceptional global client base and great relationships with exchanges all over the world, as well as robust technology and a dedicated, experienced team. The firm has an aggressive roadmap for product and market expansion. I have long been a firm believer in the power of SaaS to deliver to clients better technology, greater cost savings and more efficient use of resources. I’m excited by this opportunity to lead TT into its next transformational phase with its outstanding new SaaS platform and the infusion of growth capital from 7RIDGE.
Carsten Kengeter, Founder of 7RIDGE, said:
We thank TT’s shareholders for selecting us and look forward to accelerating the company’s dedicated contribution to its clients’ and users’ success. The firm has built the market-leading SaaS-based, modular, multi-tenant platform for professional derivatives trading that will bring new efficiencies and strength to the global financial system. Our own operating experience as well as that of our limited partners will strengthen TT’s position as the operating system of capital markets.
