Itiviti, a Swedish provider of trading software for banks and trading firms, has agreed to buy ULLINK from HgCapital.
Backed by Nordic Capital Fund VII, Itiviti said it intends to combine with ULLINK to create a new global force for the capital markets industry. The combined entity will create a ‘world-leader in capital markets technology’ with revenues of over $200m, 1,000 employees and a local market presence in all major markets of Europe, Asia and the Americas.
Trading firms, banks, brokers and institutional clients rely on Itiviti technology, solutions and expertise for streamlining their daily operations, while gaining a sustainable competitive edge in global markets according to the company.
While, ULLINK is a provider of multi-asset trading technology and infrastructure for buy-side and sell-side market participants, including NYFIX, one of the industry’s largest FIX based trading communities.
Torben Munch, CEO of Itiviti said: “The proposed combination will offer our customers the industry’s broadest range of products based on modern, flexible technology. The global reach of the combined entity will be unique and both ULLINK and Itiviti share the ambition to meet our customers’ demand for solutions that cover all asset classes and the full value chain. In a world with increasing regulatory pressure and changing market structures the combined entity would become the reliable and long-term partner our clients can depend on.”
The new entity would be ideally positioned to take advantage of shifting trends in the financial services industry, including new regulatory requirements such as MiFiD II, according to Itiviti. Its combined product portfolio would support the complete order cycle across all asset classes.
HgCapital said the deal was subject to French workers’ council consultations, and regulatory clearances. The terms of the transaction have not been disclosed.
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