Technology company ConvergEx Group has signed a definitive agreement to acquire RealTick, a multi-broker, cross-asset electronic execution platform, from Barclays Bank.
Financial terms were not disclosed. The deal is expected to close by year end 2010, conditional upon regulatory and other customary closing conditions.
With the close of this acquisition, ConvergEx will broaden its technology offering to include a multi-asset class, easily deployable and completely broker-neutral execution platform.
RealTick’s technology integrates sinto almost any trading style and offers features that enable traders to simplify their daily workflow.
“We chose to acquire RealTick because of its highly scalable technology, proven track record and talented and dedicated staff. The industry is moving rapidly towards consolidating execution management systems and we believe we can leverage ConvergEx’s global footprint to expand RealTick’s multi-broker network to make it the most comprehensive and global offering in the industry,” says Joseph M. Velli, chairman and chief executive officer of ConvergEx Group.
“We are thrilled to be joining forces with ConvergEx,” says Stuart Breslow, chief executive officer of RealTick. “This transaction aligns us with a premier technology company with a global reach and a deep client base. Our clients have grown to expect RealTick’s continual innovation of technologies that help them analyze, execute and evaluate performance. These clients will now benefit from the broad range of complementary capabilities that ConvergEx has to offer.”
