Trading Technologies International, Inc., (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, has announced that the company has agreed to be acquired by 7RIDGE<\/p>\n
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Trading Technologies International, Inc., (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, has announced that the company has agreed to be acquired by 7RIDGE, a specialized growth equity firm invested in transformative technologies. 7RIDGE will fuel Trading Technologies' organic growth and enable the firm to make targeted strategic acquisitions in the future. Cboe Global Markets, Inc. (Cboe: CBOE) and Singapore Exchange (SGX), who are among the limited partners of the fund managed by 7RIDGE, have voiced their support of the transaction. Terms of the transaction, expected to close before year-end subject to regulatory approvals, were not disclosed.<\/p>\n
7RIDGE's acquisition of Trading Technologies recognizes the company's 27-year leadership position in derivatives trading software, the value of its new state-of-the-art Software-as-a-Service (SaaS) platform, TT(r), and the talent of Trading Technologies' global team, which spans 13 offices across four continents. Under this new ownership, Trading Technologies will remain independent and focused on delivering innovative, enterprise-wide solutions for institutional and professional trading.<\/p>\n
\nTim Geannopulos, Chairman of the Board and CEO of Trading Technologies<\/strong>, 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."<\/p>\n<\/blockquote>\n
Shortly after the acquisition closes, it is expected that Geannopulos will relinquish his current role while remaining actively engaged with the company. It is intended that Keith Todd will then be appointed CEO of TT to lead the company as it embarks on this next growth phase. Todd has over 20 years of industry leadership in financial markets technology with FFastFill, ION and currently KRM22.<\/p>\n
\nTodd<\/strong> 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."<\/p>\n<\/blockquote>\n
\nCarsten Kengeter, Founder of 7RIDGE<\/strong>, 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."<\/p>\n<\/blockquote>\n
TT was advised on the transaction by Broadhaven Capital Partners and Sullivan & Cromwell LLP.<\/p>\n
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