Portware, which provides global broker-neutral, multi-asset trading solutions, has reached an agreement with Aritas Group to buy the firms technology and analytical division.
Aritas also operates a broker/dealer division and Aritas Block Market, which are not part of the sale. Terms of the deal for the technology division were not disclosed.
The technology assets being acquired by Portware include a suite of predictive analytics and trade optimization solutions designed to maximize alpha and minimize trading costs for institutional investors.
Aritas technology assets are highly complementary and add advanced artificial intelligence and commission optimization tools to Portwares core offerings, says Alfred Eskandar, CEO of Portware. This is a natural extension of our broker-neutral trading solutions, and allows us to partner with the entire broker community to maximize the benefit of these advanced analytics.
Eskandar joined Portware as CEO in February. Previously, he was a founder at Liquidnet, the global institutional trading network.
Our goal is to empower traders to analyze, communicate and execute their investment ideas in an automated way, Eskandar adds. This acquisition allows us to offer any firm, regardless of size, an extraordinary level of automation and choice in their trading workflows. Clients can direct order flow to multiple brokers, improve execution quality, and reduce trading costs while delivering consistent results across multiple strategies.
Jay Biancamano, executive chairman of Aritas, says: Were excited to join forces with Portware to unlock the value we have created in our technology assets. Only an open, broker-neutral provider of trading solutions can fully deliver this value to our customers, and Portware is the global leader, with a proven ability to deliver technology-driven value.
(CG)