ConvergEx Group has signed an agreement to acquire RealTick, a global, multi-broker, cross-asset electronic execution platform, from Barclays Bank PLC. Financial terms were not disclosed. The deal is expected to close by year-end 2010, conditional upon regulatory and other customary closing conditions.
With the close of the acquisition, ConvergEx will offer a multi-asset class, broker-neutral execution platform, the firm says. ConvergEx says RealTicks technology integrates seamlessly into almost any trading style and offers sophisticated features that enable traders to simplify their daily workflow.
We chose to acquire RealTick because of its highly scalable technology, proven track record and talented and dedicated staff, says Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. The industry is moving rapidly towards consolidating execution management systems and we believe we can leverage ConvergExs global footprint to expand RealTicks multi-broker network to make it the most comprehensive and global offering in the industry.