Bloomberg has agreed to acquire Broadway Technology, a vendor front-office technology provider.
Currently, there is no information about the financial terms of this transaction. Bloomberg, through the acquisition of a technology provider, expects to provide a low-latency execution management solution optimized for betting trading. Also, the new unit in the ownership structure will allow the company to introduce additional innovative solutions into the software, as a result of which it will be possible to work with multiple assets.
Ben McDonald, global head of corporate products at Bloomberg, said that Broadway’s best-of-its-kind fixed-income market software will fill a gap in the product portfolio and allow customers to interact with the market more flexibly and with greater speed.
Bloomberg decided to acquire Broadway about two years after the business of this company that to was split up in order to ensure compliance with the requirements of the British competition authority and create conditions for the purchase of the rest of the ION Group.
ION sold the fixed-income business, including the underlying software and brand, to a consortium of buyers led by Broadway CEO.
The participants of the transaction say that with the constant increase in trading volumes in the betting and credit markets, there is a need for solutions that would correspond to a wider range of client workflows and trading.
Michael Chin, CEO of Broadway, says that his company is directing efforts to transform the industry through continuous innovation. He also noted that Bloomberg will provide the firm with more opportunities to meet the growing needs of customers.
Broadway was founded in 2003. The company is headquartered in New York. The firm also has teams of specialists who are based not only in the USA but also in Europe and the Asia-Pacific region.
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