GL TRADE, an international provider of front to back office software solutions for financial institutions, has announced the acquisition of Swiss company Infotec, currently owned by its management and the Swiss group Edipresse. Infotec supplies real-time market data and financial information to financial market institutions.
The transaction will be effective from 1 July 2007. Infotec had turnover of around 10m in 2006, and expects growth of 30 percent in 2007. The two companies will benefit from synergies in terms of sales (distribution network for Infotec and Buy Side clientele for GL TRADE). The joint activities will also take advantage of the synergy generated by global management of the costs of acquiring market data from exchanges and financial information suppliers.
Robert Jeanbart, currently CEO of Infotec, has been appointed as Director of the Market Data Business Line.
“Against a background of consolidation amongst the major players in the market, we think this is a timely acquisition. It also fits well with our strategy of strengthening our Buy Side presence.” says, Philippe Rapp, Executive Vice President, Strategic Development at GL TRADE.
“Joining the GL TRADE Group will allow us to improve our offering significantly and will give us the backing of the sales network of one of the foremost Front to Back software providers,” added Robert Jeanbart, Infotec’s CEO. “We will benefit from its international scope and its strong reputation, together with the strength of our combined offering, to provide a truly effective and highly competitive alternative solution to the major actors within the financial information industry”.