ICAP accelerates FinTech acquisitions ahead of NEX rebrand

ICAP’s latest acquisition of Abide Financial adds to the growing list of Fintech firms snapped up by the group.

ICAP’s investment arm Euclid has been very busy over the last year acquiring emerging FinTech companies, ahead of the group’s rebrand into NEX Group.

Following news this week that ICAP has acquired regulatory reporting company Abide Financial, Euclid has now made a total seven major investments in FinTech companies.

Its portfolio includes Duco, a data control platform - OpenGamma, a risk analytics firm - AcadiaSoft, an industry collaboration to automate collateral management - Cloud9 Technologies, a cloud-based communication provider - and Digital Asset Holdings, a developer of blockchain technology.

Cloud9 Technologies very recently secured $30 million in funding from the likes of JP Morgan, Barclays and ICAP.

Richard Kerschner, chief corporate development Officer of ICAP’s post trade, risk and information services division, explained that Cloud9’s growth since its launch in 2014 “has paralleled the industry’s adoption of cloud technology.”

ICAP plans to adopt Cloud9 Technologies in areas like workflow, compliance and advanced analytics.

Earlier this month, ICAP also became one of several companies to invest $13.3 million in derivatives risk analytics firm, OpenGamma.

Jenny Knott, CEO of ICAP’s post-trade risk and information division said the investment reflects the company’s belief that “the derivatives markets are embracing innovative solutions to address capital and operational challenges.”

It was announced in May this year that ICAP will trade as NEX Group immediately following the completion of the sale of its global hybrid voice broking business to Tullett Prebon.

The deal is expected to complete before the end of 2016 and the new group will focus entirely on electronic markets and post-trade business.

ICAP explained it will be well placed to meet changing customer requirements and better positioned to enter new market segments and innovate.

Commenting on the rebrand at the time it was announced, Michael Spencer, CEO of ICAP, said: “NEX Group will be a fast moving, entrepreneurial pure electronic and post trade leader, well positioned for growth.

“We wanted a name to truly reflect this and which was truly global. NEX Group plc does this. I am very excited about our new name and very excited about the future.”