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Interactive Data Corp. announced it has acquired electronic trading network firm 7ticks LLC.
Company officials say the purchase will boost the performance of Bedford-based Interactive Data’s (NYSE: IDC) trading data technology platform, particularly in latency-sensitive electronic trading. Chicago-based 7ticks provides trading firms, investment banks and other financial institutions with technology platforms, hosting and support services for electronic trading of North American securities.
Interactive Data said it will pay $30 million in cash upon the deal’s closing, with the possibility of an additional $21.2 million stemming from performance milestones.
“Increasing our penetration in the electronic trading sector is one of our top long-term strategic priorities, and we believe that acquiring 7ticks will enable us to make significant progress in this area,” stated Ray D’Arcy, Interactive Data’s president and chief executive officer, in a statement. “Over a relatively short period of time, 7ticks has built a world-class, ultra low latency network infrastructure that is attracting a growing number of leading-edge institutional customers. We are excited by the opportunities we see to elevate our value proposition to our global customer base by combining our low latency consolidated market data services with ultra low latency managed connectivity from 7ticks.”
Interactive Data plans to keep all of 7ticks’ 42 employees and will incorporate the company into its newly-formed Real-Time Market Data and Trading Solutions Group. The deal is expected to close in early 2010.
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