Specialized growth firm 7RIDGE is set to complete an acquisition deal for a trading software provider, Trading Technologies International.
According to 7RIDGE, the goal is to ensure the organic growth of the platform. The company also announced that it has plans to enter into other acquisition deals in the future via its subsidiary.
CBoe and SGX Crypto Exchanges Are Also Involved In The Deal
However, 7RIDGE wasn’t alone in the deal, as two major crypto exchanges – SGX and Cboe Global Markets (Cboe) – participated in the deal.
The partners will offer their technical support and provide partial investment in the newly acquired platform. Trading Technologies provides data solutions, connectivity, and trading software for its users.
On its part, SGX says it will be investing $200 million in Trading Technologies to help with the full acquisition. It’s not clear how much Cboe has pledged to contribute to the acquisition. But the crypto exchange is planning to fund the acquisition partly with cash in hand. The remaining funding source will be coming from increased debt in the fourth quarter of the present fiscal.
7RIDGE is a specialized growth equity company that invests in transformative technologies. The terms of the deal are expected to be finalized before the end of the year.
The Deal Will Help Trading Technologies Reach Its Potential
Trading Technologies, on the other hand, have been around for over two decades in the derivatives trading software industry. 7RIDGE has shown repeated interest in the company’s high-end Software-as-a-Service (SaaS) platform.
Trading Technologies already has an established global presence, spanning 13 offices across four continents. However, even after the acquisition, TT will preserve some of its technologies and team members to deliver innovative enterprise-wide solutions for professional and institutional traders.
Chief Executive Officer of Trading Technologies, Tim Geannopulos, stated that the company has been looking for the right strategic partner. But with the acquisition deal almost certain, the firm is now in the right environment to reach the massive potential of its pioneering new technology platform. And with the firm’s independence assured, it can retain the incredible talents within the organization and strengthen its relationship with clients.