Derivatives connectivity and trading platform operator Trading Technologies International (TT) is to be acquired by 7RIDGE, a London-based private equity firm run by ex-Deutsche Boerse CEO Carsten Kengeter. The deal, for an undisclosed sum, is backed by two of the world’s largest derivatives exchanges, Singapore Exchange (SGX) and Cboe Global Markets.
Keith Todd, the next chief executive of Trading Technologies, has said the consortium-backed takeover of the firm will allow the Chicago-based fintech to grow organically and pursue its own deals. Trading Technologies said late on Sunday it had agreed to be acquired by private equity fintech investor 7Ridge and that Keith Todd, the head of risk firm KRM22, will be its next CEO. Speaking to Global investor on Monday, Todd said the private equity fund has been set-up to acquire and then invest in the Chicago-based tech firm.
Cboe Global Markets and Singapore Exchange (SGX) are backing a consortium acquisition of Chicago-based fintech Trading Technologies. The Chicago options market and SGX said they will be limited partners in the 7Ridge fund that is acquiring TT, according to announcements on October 31. Cboe did not disclose the terms of the deal beyond saying it would be funded by a combination of cash and debt. SGX said it would invest around $200 million (£146m) in the closed ended fund set-up for the acquisition.
Risk analytics firm KRM22’s technology will be integrated into the Trading Technologies (TT) platform after TT’s acquisition by 7RIDGE, according to Keith Todd, the current chief of KRM22 and the future head of TT.
Chicago-based Trading Technologies International is selling after 27 years building software backing electronic trading of derivatives. The acquirer is a private equity fund run by United Kingdom-based 7Ridge. Chicago-based Cboe Global Markets is a primary investor in the fund buying Trading Technologies.