The acquisition of Trading Technologies International, a provider of trading software, connectivity and data solutions, by 7RIDGE, a specialized growth equity firm, was completed earlier this week, the company announced.
The purchasing decision received support from Cboe Global Markets, Inc. (Cboe: CBOE) and Singapore Exchange (SGX), which are two limited partners of the 7RIDGE-managed fund.
The companies agreed on the acquisition at the end of October intending to boost Trading Technologies’ organic growth. In addition, it will help 7RIDGE to make targeted strategic acquisitions in the future through the new subsidiary.
New Chief
With the completion of the acquisition , Keith Todd has taken over Trading Technologies as the new Chief Executive Officer. He replaced Tim Geannopulos as one of the conditions of the deal.
Todd, himself, is a veteran in the financial markets and has held executive roles in several companies over the last 20 years of his career.
“The firm has an aggressive roadmap for product and market expansion,” Todd said in an official statement.
Trading Technologies offers a Software-as-a-Service (SaaS ) platform specifically for the derivatives trading platforms. Its clients include top futures commission merchants (FCM) and brokers.
“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,” Todd added.
The 7RIDGE Founder, Carsten Kengeter said: “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.”
