The new arrangement is intended to focus on growth for the provider of end-to-end trading operations.
The next chapter for Trading Technologies International, Inc. (TT) will be led by private equity firm Thoma Bravo and TT’s current owner 7RIDGE in an arrangement that will focus on growth for the provider of end-to-end trading operations for banks, brokerages, money managers, hedge funds, proprietary traders, commodity trading advisors (CTAs), commercial hedgers, and risk managers.
The change follows a comprehensive review of “suitable investors,” officials say. 7RIDGE is a private markets asset manager invested in technology for the financial services industry; it acquired TT in December 2021.
While terms of the transaction were not disclosed, the transaction between Thoma Bravo and 7RIDGE is expected to be final during the fourth quarter of this year, after regulatory clearance, officials say.
“With the backing of these two great partners, TT is in its strongest position to date to become the operating system for the capital markets,” says Justin Llewellyn-Jones, CEO of TT, in a prepared statement.
A global capital markets platform services company, TT’s began serving the listed derivatives markets, and now offers Software-as-a-Service (SaaS)-based solutions for multiple asset classes, including trade execution services across futures and options, fixed income, foreign exchange (FX), and cryptocurrencies, officials say. The company also offers solutions for data and analytics, including transaction cost analysis (TCA); quantitative trading; compliance and trade surveillance; clearing and post-trade allocation; and infrastructure services.
Houlihan Lokey is acting as lead financial advisor, and Barclays is acting as financial advisor to TT, officials say. Proskauer is acting as TT’s legal advisor, and Oliver Wyman is acting as TT’s market and commercial advisor. Ardea Partners LP is acting as financial advisor, and Goodwin Procter LLP is acting as legal advisor to Thoma Bravo.
Need a Reprint?