REDI Completes Acquisition of BofA Merrill Lynch's InstaQuote

REDI Global Technologies, maker of the REDIPlus execution management system (EMS), has completed its acquisition of another EMS, Bank of America Merrill Lynch’s InstaQuote, including the technology, clients, and employees.

The acquisition is REDI’s first since spinning off from Goldman Sachs a year ago and came as part of the deal when Bank of America Merrill Lynch acquired a stake in REDI last year. Since then, REDI has integrated the 30 employees from InstaQuote who are still based at the former InstaQuote Dallas office, which is now owned by REDI.

“By integrating the InstaQuote and REDI teams, we can leverage our in-depth knowledge of electronic trading technology to deliver top-quality client services,” says Clayton Meadows, the former business head of InstaQuote and current head of business development, Americas, at REDI.

All of InstaQuote’s clients have also been fully migrated to REDIPlus, increasing the firm’s client base by more than 20%. As a result of the acquisition, REDI has also added middle-office capabilities and deeper integration with a number of clearing and prime brokers.

“Our product strategy is centered on how we can make trading better and serve clients across the trade lifecycle—the integration of the InstaQuote technology reflects this commitment,” says Goutam Nadella, chief product officer of REDI. “By adding middle office functionality to REDI’s robust trading platform, we’re answering our client demands for simplified and integrated workflows.”

“We recognize the industry’s needs are changing, which further underscores the value of a broker-neutral platform like REDIPlus. As the industry evolves, we expect REDI to play a significant role in the consolidation of EMS platforms,” says REDI Board Member Bina Kalola, head of global equities strategic direct investments, Bank of America Merrill Lynch.