ConvergEx Group, a trading technology firm and execution broker, has sold its Eze Castle Software and RealTick software platforms to an affiliate of private equity firm TPG Capital.
Execution management system RealTick was bought by ConvergEx from Barclays in 2010, while EzeCastle is the firm’s order management system.
Following the completion of the deal, which is expected in Q2, Eze Castle Software and RealTick will operate under the brand Eze Software Group, while ConvergEx will shift its focus to its global execution and institutional brokerage business.
“This transaction represents the beginning of a new chapter in ConvergEx’s history,” commented ConvergEx chairman and CEO Joseph M. Velli. “From the time that our company was formed, it has always been our strategy to grow and realise the value in our businesses. We moved forward with this transaction because it provides a great opportunity to create two optimal businesses, ConvergEx and Eze Software Group, which can each focus on their unique strengths and serve clients’ needs.”
Eze Software Group will retain close ties with ConvergEx after the transaction through a marketing agreement that will allow services to be offered on an integrated basis and enable a cross-selling of services. Tom Gavin, CEO of Eze Castle Software, will lead the new entity and the management teams of both Eze Castle and RealTick are expected to remain in place.
“Working as one organisation, our businesses enjoyed great success through innovation and collaboration,” said Gavin. “As ConvergEx and Eze Software Group embark on the next phase in their respective growth plans, we look forward to continuing our relationship in a way that is even more beneficial to ConvergEx, Eze Software Group, Tradar and all of our clients.”