Trading Technologies to be acquired by 7RIDGE
Trading Technologies, one of the leading professional trading software providers, announced that the company has agreed to be acquired by the growth equity firm 7RIDGE that specializes in transformative technologies.
It is expected that this acquisition would help to provide enough funds for the company to expand and grow even further and also look to acquire other companies that are in this line of business and that are capable of making a change to the trading industry. Cboe and Singapore Exchange (SGX), both of which are limited partners in 7RIDGE, have also been very supportive of this acquisition and the details of the deal were not disclosed as yet. The company has a 27-year history as a trading platform and recently, it has also launched a software-as-a-service solution as well and the company believes that this range of solutions along with a strong team should provide a good value proposition for the company in the future.
Tim Geannopulos, Chairman of the Board and CEO of Trading Technologies, said: “We’ve been in search of the right strategic partner to help Trading Technologies achieve the tremendous potential of our pioneering new technology platform and accelerate the expansion of the business and product roadmap. Maintaining the firm’s independence will allow us to retain the incredible talent within our organization and further strengthen our relationships as a valuable ally to our clients, our partners, and the industry. We’re excited that 7RIDGE and its strategic limited partners including global exchanges Cboe and SGX believe in the future of our company and our vision of becoming the operating system of capital markets.”
It is expected that Geannopulos would relinquish his position as the CEO once the acquisition is complete and Keith Todd would be appointed in his place as the company moves on with its next phase of growth and expansion.
Todd said: “Trading Technologies has built an exceptional global client base and great relationships with exchanges all over the world, as well as robust technology and a dedicated, experienced team. The firm has an aggressive roadmap for product and market expansion. 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.”
With trading around the world returning to normal after the pandemic, the demand is expected to rebound to pre-pandemic levels in the coming months and this would be a good opportunity for the company to make the transition and look ahead for the next phase.