Moody Aldrich Partners (MAP) has acquired substantially all of the assets of Pittsburgh-based kWantix Trading and kWantix Trading Advisors.
In addition, MAP has entered into a long-term technology licensing agreement with kWantera, a Pittsburgh-based power market decision intelligence firm.
As part of the deal, Dr Kaiyu Shen, principal trader at kWantix, joins Moody Aldrich.
The business will continue to operate under the kWantix brand.
“The kWantix trading strategy is a unique quantitative addition to our platform,” says Eli Kent (pictured), managing partner of Moody Aldrich Partners, “its proven technology provides us with the foundation to develop an exceptional power trading business.”
kWantix was founded as a subsidiary of kWantera in 2014. kWantera uses advanced data science and predictive analytics technologies to forecast energy markets and to develop customised insights and intelligence for its customers. Since January 2015, kWantix has used this technology to trade power in a hedge fund structure.
“Our continuing relationship with kWantix and MAP will ensure the fund has access to the latest technology and market intelligence available,” says Kyle O’Connor, CEO of kWantera. “We are excited to see kWantix succeed under MAP’s leadership; it’s a great home for the technology and the team.”
The initial development of the kWantix trading strategy was backed by kWantera and venture capital firms Allied Growth Strategies & Management, Rusheen Capital Partners and High Sierra Partners, all of whom will have a continuing relationship with kWantix.