Convergex has signed a definitive agreement with trading technology company, Dash Financial, to merge and form a FinTech firm in the options and equities space.
The agreement will see LiquidPoint - Convergex’s options trading and technology business unit - and Dash Financial merge and become Dash Financial Technologies.
Both parties said the deal will bring together “highly complementary businesses to create a leader in the US options agency execution space, with 13% market share.”
Dash Financial Technologies will be majority owned by GTCR, which owns a controlling interest in Convergex.
Co-founder of Dash Financial, Peter Maragos, is to lead the merged companies as chief executive officer, whilst current head of options trading and technology at Convergex, Ben Londergan, will become president.
Londergan explained: “The increase in human, technology and financial assets that we will share through this merger will help keep our products and services ahead of the rapidly evolving market microstructure and the demands of our clients.”
Eric Noll, chief executive officer at Convergex, added: “It has been very gratifying working with an exceptional team whose hard work resulted in impressive growth over the past three years and whose efforts were critical to this exciting transaction.”
The transaction is expected to close in the first quarter of this year and is subject to regulatory approval.