Broadway Technology, a provider of foreign exchange (forex) and fixed income solutions, announced this Tuesday that it has acquired 100 percent of Barracuda FX, which offers FX order management technology.
According to the statement released today, Broadway will use the acquisition to further expand its product suite. This will include creating new multi-asset solutions which will cater to more parts of the investment lifecycle.
The terms of the deal have not been disclosed. However, Broadway has specified that under the acquisition Barracuda FX will remain as an independent company, which is run by its Chief Executive Officer (CEO) Kieran Fitzpatrick, and its Chief Operating Officer (COO) Maurice Curran. Furthermore, Broadway will retain the full Barracuda FX team.
Commenting on the acquisition, Tyler Moeller, the CEO of Broadway Technology said: “Broadway is constantly thinking about what our customers need to meet new business, trading, and regulatory requirements. With this acquisition, we are continuing to invest in our ability to deliver a full- stack, multi-asset front-office platform that helps them meet these challenges.”
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“This is a transformational acquisition and Broadway is excited to welcome the full Barracuda technology team. They are among the best in the industry and represent a tremendous level of institutional and industry credibility, and we are excited to work with them and deliver both of our award-winning solutions side-by side,” Moeller continued.
Barracuda Management to Take on Broadway FX Roles
Barracuda FX’s CEO and COO will also assume senior roles in Broadway’s forex business as Head of FX and Head of FX Operations. The FX solutions provider will continue to offer Barracuda FX on a standalone basis, which will not have any impact on its existing integrations, the statement said.
“This is an excellent opportunity to introduce Barracuda’s award-winning technology and world-class service to a broader audience,” added Kieran Fitzpatrick, the CEO of Barracuda FX.
“Joining Broadway makes sense for Barracuda and for our clients, many of whom already use both firms for key components in their FX technology stack. Barracuda shares Broadway’s vision for the future of front office trading technology and we look forward to taking leadership roles and building upon Broadway’s remarkable success.’’