ConvergEx Group, a provider of products and services to asset managers and financial intermediaries, has signed a definitive agreement to acquire RealTick, a multi-broker, cross-asset electronic execution platform, from Barclays Bank.
Upon completion of the acquisition, ConvergEx will broaden its technology offering to include a multi-asset class, easily deployable and completely broker-neutral execution platform.
ConvergEx Group chairman and CEO Joseph Velli said that this deal is part of ConvergEx’s long-standing strategy of growing its technology offering for asset managers and financial intermediaries by building or acquiring best-in-class tools that complement the existing product lines.
The deal is expected to close by year end 2010, conditional upon regulatory and other customary closing conditions.Financial terms of the deal were not disclosed.
RealTick CEO Stuart Breslow said that this transaction aligns RealTick with a premier technology company with a global reach and a deep client base.