NYSE Technologies seeks Asian growth with Metabit buy
Exchange group NYSE Euronext has announced a deal to acquire Tokyo-based software vendor Metabit, as it seeks to expand its NYSE Technologies subsidiary in Asia.
The deal is expected to close in the third quarter of 201l and Metabit will operate within the NYSE Technologies portfolio. Metabit is headquartered in Tokyo, with offices in Australia and Hong Kong, and has a community of over 140 trading firms in Asia.
Metabit specialises in low-latency connectivity to Asian financial markets, offering direct access to markets in Japan, China, India, Hong Kong, Korea, Singapore, Taiwan, Thailand, Philippines, Malaysia, Indonesia, and Pakistan. In addition, the firm's existing arrangement to provide solutions for CameronFIX, a supplier of FIX trading solutions, will remain intact.
Upon completion of the deal, Daniel BÃ¼rgin currently CEO of Metabit, will lead the NYSE Technologies business in Asia, reporting to CEO Stanley Young. Peter Tierney will become chief operating officer of the combined firm in Asia.
“Metabit's products are built in Asia for Asia, and this combination fits our strategy, our connectivity business and our customer interests,” said Young. “Japan and Asia are priorities for NYSE Euronext and we believe this is absolutely the right time to further invest in the region. We fully expect this transaction to accelerate our efforts as a leading technology provider across the Asia-Pacific region.”
“We now have the opportunity to leverage our assets with NYSE Technologies and move to the next level.
For the benefit of Asia-based customers, we will now expand our reach and capabilities globally,” added BÃ¼rgin.