ULLINK to acquire NYFIX and Metabit from Intercontinental Exchange
ULLINK, a provider of electronic trading solutions and connectivity to the financial community, is to acquire NYFIX and Metabit from NYSE Technologies, part of Intercontinental Exchange (ICE).
The transaction, which is subject to regulatory approval, is expected to close in the third quarter of 2014.
The combined business will be made up of 500 employees, with offices across many of the world’s leading trading centres, servicing over 2,000 clients. The new organisation will have combined revenues of over USD130m.
Both NYFIX and Metabit are complementary to ULLINK’s existing strengths and will serve to accelerate the company’s growth ambitions. NYFIX’s proprietary trading technology, in particular its Marketplace connectivity network, has a strong buy side customer penetration, which complements ULLINK’s core strengths in its sell-side platform offerings. Metabit is a Tokyo-based provider of high performance market access products in a unique but valuable community servicing the Asian market.
The combined company will be merged to operate under the ULLINK brand and will continue to be led by ULLINK founder and CEO Laurent Useldinger. Scott Fitzpatrick, chief operating officer of NYFIX, will become managing director of the NYFIX Services business line of the enlarged group and Daniel Burgin, CEO of Metabit, will become chief operating officer – Asia for the enlarged group.
In March 2014, HgCapital, a private equity investor in mid-market technology companies, acquired a majority stake in ULLINK, investing alongside Useldinger and the current management team.
Perella Weinberg Partners UK acted as exclusive financial adviser to HgCapital in connection with the acquisition.
Useldinger says: “This is a transformational transaction for ULLINK which significantly accelerates our growth plans, while creating a true global player in the provision of trading technology products and services. The ULLINK, NYFIX and Metabit businesses and products represent an excellent strategic fit with each other. We also share a strong client led culture and commitment to both customer service excellence and leading edge technology. By building on the strengths that each company brings to this combination, I am confident we will continue to grow rapidly.
“Our increased scale and strengths will produce a substantial challenger in the market, delivering benefits for the entire trading technology user base, across all asset classes. For the first time, the financial community will have real choice which will allow them to benefit from our collaborative style, exceptional technical expertise and truly innovative solutions.”
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