Private equity giant Thoma Bravo has bought a stake in capital markets tech provider Trading Technologies (TT).
Terms of the deal with TT's current owner 7Ridge were not disclosed but according to Bloomberg Thoma Bravo is paying $1 billion for its share.
A 30-year plus financial market veteran, TT provides access to the world’s major international exchanges and liquidity venues via its Software-as-a-Service-based TT trading platform. In recent times, the company has also begun to offer domain-specific technology for cryptocurrency trading and machine-learning tools for trade surveillance.
Acquired by growth equity firm 7Ridge in 2021, the firm has been carrying out a review of possible investors ahead of the Thoma Bravo agreement, which is slated to close in the fourth quarter.
AJ Rohde, senior partner, Thoma Bravo, says: "TT has rapidly evolved into a modern, industry-leading platform with a loyal customer base, and we believe it is poised for meaningful and accelerated growth.
"There is a compelling market opportunity for TT to meet the growing demand for speed, reliability and next-generation innovation. TT will be better able to capitalize on this opportunity through the expertise, operational rigor and long-term investment that our partnership with 7Ridge will bring."