Tradeweb is set to acquire fintech and electronic credit trading marketplace Trumid, in a deal valued at $1.97 billion.
Billy Hult
The transaction will support the growth of Tradeweb’s current multi-asset class platform by expanding the firm’s offering into earlier parts of the bond lifecycle – from trade inception to the secondary market – all within a single platform.
Tradeweb confirmed that the deal is expected to close in H1 2027.
Billy Hult, chief executive of Tradeweb highlighted how the transaction aligns with the firm’s long-term growth ambitions in US credit, as electronic execution and client demand for more sophisticated tools to navigate liquidity ramp up.
He said: “This acquisition represents an important step forward in our ambition to make credit markets more efficient and provide clients with smarter ways to access liquidity. Trumid has built an innovative platform that is well positioned for where the market is headed.
“By bringing our capabilities together under Tradeweb, we can accelerate innovation, broaden the solutions we offer clients, and create an even more differentiated trading experience.”
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Moreover, the deal will combine the two platforms’ protocols with workflows such as Tradeweb AllTrade and Trumid’s Swarms and Attributed Trading, to support clients in leveraging a broader variety of liquidity pools.
Additional capabilities expected to be gained through the acquisition also include strengthening dealer relationships and product delivery, expanding Tradeweb’s institutional footprint and scaling credit innovation.
Mike Sobel, co-chief executive and president of Trumid, added: “We look forward to incorporating our innovative protocols, agile technology, and collaborative client-centric approach to product development into Tradeweb’s global footprint and client network. Our teams share dual passions for technology and client experience.
“Together, we’ll build on what we’ve created, accelerate innovation, and deliver an even stronger and more intelligent trading experience for our combined networks of buy and sell-side clients globally.”