ION Investment Group has confirmed it has taken a controlling stake in Broadway Technology, as the trading infrastructure provider continues its push into foreign exchange markets.
In a statement, ION said it had acquired the stake in Broadway Technology alongside Long Ridge Equity Partners and the Broadway founders. Terms of the deal were not disclosed.
“Broadway’s client-first approach and strong cloud expertise are an excellent complement to our business and their leading offering in FX further augments our recent acquisition of FX low-latency specialist MarketFactory,” Andrea Pignataro, CEO of ION, commented.
ION’s investment in the firm follows its acquisition of currency software provider MarketFactory in November. The deal marked the latest takeover by ION Group in recent years, following its successful bid for markets data provider Fidessa in 2018.
“Partnering with ION provides the investment to accelerate our product roadmap including workflow automation technology across different market segments and asset classes,” added Tyler Moeller, co-founder and CEO of Broadway.
US-based Broadway Technology specialises in fixed income and foreign exchange trading software. In January, Broadway Technology rolled out repo trading capabilities across its fixed income, currencies and commodities trading platform. The firm said the new functionality is already being used by major banks in Europe for bond trading.
“This partnership is transformational for Broadway, allowing us to take a much longer-term approach to how we innovate,” said Joshua Walsky, co-founder and chief technology officer at Broadway Technology, concluded.