US - Investment Technology Group (ITG), a provider of equity trading services and transaction research, has entered into a definitive agreement to buy Macgregor for US$230m.
The US$230m acquisition will be accretive in the first quarter of 2006.
Macgregor, a provider of trade order management technology for the global financial community, has a client base consisting of more than 100 leading buy side institutions with approximately US$5.5trn in assets under management.
Ray Killian (pictured), ITG’s chairman, president, and CEO, said the acquisition was in response to requests from customers.
Killian said: “We recognized the strength of Macgregor’s flexible, end-to-end networked platform and are excited about what this partnership will bring to ITG’s clients, shareholders and employees.
“This acquisition provides us with a deeper product set, recurring revenue and continued overall diversification.”
The company said the combined technologies of ITG and Macgregor will provide clients with a best-execution order management system that will closely integrate real-time data, analytics, order management and execution tools into a complete solution for institutional trading desks.
Steven Levy, president and CEO of Macgregor, added: “Macgregor and ITG customers will all benefit significantly from the extensive integration and increased functionality of ITG’s advanced trading products and analytic tools.”
The firms are also confident about developing in the international market by attracting new customers, including the growing hedge fund market.
Financial Technology Partners, LLC, and FTP Securities, LLC, served as exclusive strategic advisors to ITG during this transaction, whilst Bear, Stearns & Co. Inc. advised Macgregor.
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