ConvergEx Signs Agreement to Offload Software Platform Business to Private Equity Investment Firm TPG, Appoints New Senior VP to LiquidPoint
by
Andrew Saks McLeod
ConvergEx Holdings LLC announced on January 23 that it has signed a definitive agreement to sell its software platform business, consisting primarily of Eze Castle Software LLC and RealTick LLC to an affiliate of TPG Capital.
After the close of the transaction, Eze Castle Software and RealTick will operate under the name Eze Software Group and ConvergEx will continue to focus on and expand its remaining global Execution, institutional brokerage and trading related businesses.
"This transaction represents the beginning of a new chapter in ConvergEx's history," commented ConvergEx Chairman and Chief Executive Officer Joseph M. Velli. "From the time that our company was formed, it has always been our strategy to grow and realize the value in our businesses. During the past year, we were approached by numerous parties and we carefully considered the option to divest these businesses. We moved forward with this transaction because it provides a great opportunity to create two optimal businesses, ConvergEx and Eze Software Group, which can each focus on their unique strengths and serve clients' needs."
"This transaction will also allow ConvergEx to allocate resources to increase our position as a leader in technology-based global execution and trading products and services while also strengthening our financial position."
ConvergEx and Eze Software Group will maintain a close relationship after the close of the transaction. The parties have established a cooperative marketing agreement that will ensure that each firm's services will continue to be offered on an integrated basis. Each firm will be able to cross-sell the other company's services.
Both GTCR and BNY Mellon, founding shareholders of ConvergEx, remain committed to the long-term success of ConvergEx and will maintain their significant investments in the company.
"ConvergEx has experienced tremendous growth since GTCR first invested in the company in 2006 and we are confident in the future of the business," said Collin Roche, principal of GTCR.
A point of interest will be the corporate direction which ConvergEx is taking this year. Just one day prior to declaring the proposed relinquishing of their platform business, in line with the group's intention to focus on execution and trading related businesses, it was announced that ConvergEx had appointed Craig Reilly as Senior Vice President of Options Sales within the company's LiquidPoint division.
The LiquidPoint System provides a method of control for options execution. In addition to order entry, routing and execution services, LiquidPoint provides data, pricing information, and Analytics to its end-users.
Based in New York, Mr. Reilly will be responsible for growing LiquidPoint’s electronic execution client base. He will report to David Cross, managing director of Sales and Business Development.
Mr. Reilly comes to ConvergEx from Knight Capital where he grew Knight’s listed agency options business and contributed to Knight’s options technology initiatives. Prior to that, he held numerous roles at On Point Executions, Hampshire Trading and Israel A. Englander.
“We are thrilled to have Craig as part of the LiquidPoint team. He brings extensive options industry and sales experience, as well as deep relationships to this position and I am confident that our customers will benefit greatly from his knowledge and dedication," commented Mr. Cross.
LiquidPoint's offering is specifically aimed at the requirements of institutional options traders. Combining sophisticated electronic trading tools with superior order execution services and focusing on customer support, LiquidPoint provides a complete platform to help maximize options execution efficiency with the intention of improving performance and overall results.
ConvergEx Holdings LLC announced on January 23 that it has signed a definitive agreement to sell its software platform business, consisting primarily of Eze Castle Software LLC and RealTick LLC to an affiliate of TPG Capital.
After the close of the transaction, Eze Castle Software and RealTick will operate under the name Eze Software Group and ConvergEx will continue to focus on and expand its remaining global Execution, institutional brokerage and trading related businesses.
"This transaction represents the beginning of a new chapter in ConvergEx's history," commented ConvergEx Chairman and Chief Executive Officer Joseph M. Velli. "From the time that our company was formed, it has always been our strategy to grow and realize the value in our businesses. During the past year, we were approached by numerous parties and we carefully considered the option to divest these businesses. We moved forward with this transaction because it provides a great opportunity to create two optimal businesses, ConvergEx and Eze Software Group, which can each focus on their unique strengths and serve clients' needs."
"This transaction will also allow ConvergEx to allocate resources to increase our position as a leader in technology-based global execution and trading products and services while also strengthening our financial position."
ConvergEx and Eze Software Group will maintain a close relationship after the close of the transaction. The parties have established a cooperative marketing agreement that will ensure that each firm's services will continue to be offered on an integrated basis. Each firm will be able to cross-sell the other company's services.
Both GTCR and BNY Mellon, founding shareholders of ConvergEx, remain committed to the long-term success of ConvergEx and will maintain their significant investments in the company.
"ConvergEx has experienced tremendous growth since GTCR first invested in the company in 2006 and we are confident in the future of the business," said Collin Roche, principal of GTCR.
A point of interest will be the corporate direction which ConvergEx is taking this year. Just one day prior to declaring the proposed relinquishing of their platform business, in line with the group's intention to focus on execution and trading related businesses, it was announced that ConvergEx had appointed Craig Reilly as Senior Vice President of Options Sales within the company's LiquidPoint division.
The LiquidPoint System provides a method of control for options execution. In addition to order entry, routing and execution services, LiquidPoint provides data, pricing information, and Analytics to its end-users.
Based in New York, Mr. Reilly will be responsible for growing LiquidPoint’s electronic execution client base. He will report to David Cross, managing director of Sales and Business Development.
Mr. Reilly comes to ConvergEx from Knight Capital where he grew Knight’s listed agency options business and contributed to Knight’s options technology initiatives. Prior to that, he held numerous roles at On Point Executions, Hampshire Trading and Israel A. Englander.
“We are thrilled to have Craig as part of the LiquidPoint team. He brings extensive options industry and sales experience, as well as deep relationships to this position and I am confident that our customers will benefit greatly from his knowledge and dedication," commented Mr. Cross.
LiquidPoint's offering is specifically aimed at the requirements of institutional options traders. Combining sophisticated electronic trading tools with superior order execution services and focusing on customer support, LiquidPoint provides a complete platform to help maximize options execution efficiency with the intention of improving performance and overall results.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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