Tradeweb has completed its acquisition of investment technology provider Institutional Cash Distributors (ICD) in a US$785 million, all-cash transaction.
The deal was first announced in April, as Tradeweb sought to expand its client base with the addition of corporate treasury professionals. The firm stated that the acquisition will give it access to a US$2+ billion addressable market, and expects to see increased earnings per share over the next 12 months.
ICD, which allows corporate treasury organisations to invest in money market funds and other short-term products to manage liquidity, works with clients across 65 industries and more than 45 countries. It will continue its growth and global expansion following the acquisition, Tradeweb affirmed.
Looking ahead, the company expected to see ICD clients optimising yield and duration through Tradweb’s existing products and partnerships, in addition to managing liquidity needs and related FX risk.
On the acquisition, Billy Hult, CEO of Tradeweb, commented: “We are excited to complete the acquisition of ICD and launch corporates as a new client channel, offering a key new avenue for growth and building on our strong presence across our other core markets.
“Corporate treasurers represent an increasingly large and underserved opportunity within fixed income markets, and ICD’s differentiated technology offers the perfect gateway between corporates and global fixed income markets. The ICD team shares our commitment to continuous innovation and exceptional client service, and it is a pleasure to officially welcome them to Tradeweb.”
©Markets Media Europe 2024
