Intercontinental Exchange (ICE) has sold off another component of its technological assets, as NYFIX and Metabit have been bought up by ULLINK. The acquisition follows the exchange’s recent sale of Wombat Financial Software to Street Response Laboratories, as ICE continues its divestiture of all non-exchange related assets of NYSE Technologies.
The addition of NYFIX and Metabit to ULLINK is expected to provide the software company with greatly enhanced buy-side penetration via NYFIX’s proprietary trading technology, such as the’“MarketplaceTM’ connectivity network, noted for its strong buy-side customer penetration. Through Metabit, ULLINK should attain a significant increase in its access to the Asian markets, with the acquisition also enhancing ULLINK’s presence in the United States overall.
Laurent Useldinger, CEO and Founder of ULLINK commented, “this is a transformational transaction for ULLINK which significantly accelerates our growth plans, while creating a true global player in the provision of trading technology products and services. The ULLINK, NYFIX and Metabit businesses and products represent an excellent strategic fit with each other.”
Useldinger will continue to lead ULLINK as CEO, with Scott Fitzpatrick, COO of NYFIX becoming MD of the NYFIX Services business line of the merged businesses and Daniel Burgin, CEO of Metabit becoming COO of Asia for the overall group.
In March of this year, HgCapital purchased a majority stake in ULLINK, investing alongside Useldinger and the current management team. Perella Weinberg Partners UK LLP acted as financial adviser to HgCapital throughout the acquisition. The transaction is expected to close in the third quarter of 2014.