State Street has acquired BestX, a global market-leading provider of Transaction Cost Analytics (TCA) to support ‘Best Execution’ in OTC markets founded in 2016 by Aman Thind, Pete Eggleston and Oliver Jerome.
BestX’s industry leading technology provides state-of-the-art pre-trade and post-trade analytics, which enable clients to define, achieve and record the process of Best Execution in their FX trading, resulting in significant quantifiable cost savings and regulatory reporting benefits.
BestX has grown rapidly in the three years since inception, with its SaaS technology now used by many of the world’s largest asset managers, hedge funds, banks and sovereign wealth funds.
State Street is the world’s largest Custodian, with in excess of USD32 trillion worth of assets under custody and administration and a market capitalisation of USD33 billion. State Street’s acquisition of BestX will significantly enhance its end-to-end trading platform and data analytics client service offerings.
BestX was advised by Livingstone’s Media & Technology sector team on the transaction.
Oliver Jerome, Co-founder & Director of BestX, says: “Technically brilliant and tactically astute, the Livingstone team looked after us every step of the way. They developed a deep understanding of our business and our market in a very short period of time, allowing them to offer invaluable advice. We are delighted with the outcome and grateful to them for their insight, expertise, and dedication.”
Daniel Domberger, Partner at Livingstone, adds: “We’re delighted to have delivered this exceptional outcome for the team at BestX. They have rapidly built a genuine market-leader, and it was no surprise that the company generated huge interest from acquirers and investors across the financial services and fintech landscape. In State Street they have a compelling partner for further growth and ongoing success.”
