Lightspeed Financial, a US broker-dealer and trading technology provider, has acquired Lime Brokerage International (Ireland), a wholly-owned subsidiary of Lime Brokerage. Terms of the transaction were not disclosed.
The acquisition will give Lightspeed ownership of Lime's Ireland broker-dealer licence and will enable the firm to provide clients in the European Union with access to the US equities markets through Lightspeed's flagship trading platform, Lightspeed Trader, and its automated trading solution, Lightspeed Gateway.
“We see tremendous long-term growth opportunities for investors in Europe who want direct and immediate access to the US equities markets,” said Stephen Ehrlich, chief executive officer, Lightspeed Financial. “We view this deal as the first step in an effort to begin broadening awareness of Lightspeed Financial internationally and to eventually make our suite of trading solutions available to individuals throughout the entire European Union. Our proven technology will give them the speed, stability and reliability they need to trade the US equities markets even during the most challenging, volatile conditions. We are certain this strategic acquisition will prove to be an important growth driver for Lightspeed in the months and years ahead.”
The acquisition of Lime Brokerage International (Ireland) is Lightspeed's sixth transaction since its inception in July 2006. Broker-dealer Terra Nova Financial was bought for US$27.5 million in October 2010; rights to the Anvil trading platform were acquired in June 2010.
Lime Brokerage was itself acquired by Wedbush Securities, a US-based full service investment bank, on 14 June. Wedbush plans to use the deal to help deliver low-cost, high-speed DMA and algorithmic trading services, integrating Lime Brokerage's technology division with its own.
Lime Brokerage, founded in 2001, has built up its services for high-frequency options trading over the last year that included the development of its Citrius low-latency data distribution platform. Alistair Brown, the firm's co-founder, replaced Jeff Wecker as CEO of Lime Brokerage last year, retaking the role he had held before Wecker's appointment in November 2008.
US-based Rosenblatt Securities advised Lightspeed on the transaction.