Under the terms of the agreement, the companies plan to combine their technologies in order to develop multi-asset class products, expand their presence internationally and attract new customers, including the growing hedge fund market.
This acquisition provides us with a deeper product set, recurring revenue and continued overall diversification, commented Ray Killian, CEO of Investment Technology Group (ITG).
ITG said the joint offerings will integrate its algorithmic servers and Transaction Cost Analysis applications with Macgregor’s order management system.
The aim of the acquisition is to develop an order management system that will closely incorporate real-time data, analytics, order management and execution tools into a complete platform for institutional trading desks.
The transaction will be financed with cash and bank debt and is expected to close in 60 to 90 days.
