smartTrade Acquires FX SaaS Provider TickTradeNovember 22, 2021
smartTrade Group, which is a multi-asset electronic trading solution provider, announced its acquisition of Toronto-based TickTrade Systems on Monday that offer FX trading and payments SaaS solutions for financial institutions.
The acquisition is very strategic as both the companies provide liquidity management solutions and FX trading systems. Now, TickTrade will integrate and operate within its parent, thus smartTrade’s connectivity, aggregation and risk management technology will be complemented with TickTrade’s analytics, payments and rich advanced distribution technology.
“For both smartTrade and TickTrade customers, the combination is extremely compelling. It brings two industry-leading technologies together, one complementing the other, creating a unique breadth and depth of product capabilities,” said David Vincent, smartTrade’s Co-Founder and CEO.
However, the companies did not disclose the financials involved in the deal.
Under the acquisition agreement, Vincent will lead the combined organization as the CEO, while TickTrade Co-Founders, Baha Ohcebol and Alexander Culiniac, will take senior management roles and remain significant investors in the group.
However, the majority investor in the combined entity will be software and services investor Hg, which has been backing smartTrade since 2020, along with two other long-term investors, Keensight and Pléiade Venture.
“This is great news for TickTrade customers,” Ohcebol said. “To have the backing of smartTrade and Hg means we can significantly build on and continue to innovate the products we know our clients highly value. This also offers further opportunities for product collaboration, wider distribution and cutting-edge innovation, meaning we can bring even better services to even more clients.”
“This is great news for TickTrade’s customers, who have supported us, and for employees who have worked so hard to build the business to this stage since we first founded TickTrade back in 2013,” Culiniac added.
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