FXone, the company that provides the only full featured, broker neutral automated trading platform using standard spreadsheet logic for all development, announced that it has agreed to be acquired by Seabury Group www.seaburygroup.com, a leading global investment bank, advisory and IT software group with over 200 people in ten offices on four continents and FINRA and FSA regulated broker dealer subsidiaries.
FXone will now operate as a Seabury Group subsidiary by the name of Seabury Financial Solutions LLC, and will be based in Midtown Manhattan. FXone will remain as the trading platform name, and will also be a trade name (DBA) of Seabury Financial Solutions LLC. Mr. Rosario M. Ingargiola, the Founder and CEO of FXone, will be the President and CEO of Seabury Financial Solutions LLC and will serve on the Board of Directors. FXone’s CTO, Mr. Jay Marvin, will remain the CTO of Seabury Financial Solutions LLC and FXone’s entire software engineering team will also remain in place.
Rosario M. Ingargiola, CEO at Seabury Financial Solutions / FXone, said “I am extremely pleased with the merger because with we are not only tapping into a truly global platform from a geographical footprint and infrastructure point of view, but more importantly, we have added a team of world class colleagues that advise top global businesses that we will work closely with to scale the business.”
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John E. Luth, Founding Partner and CEO of Seabury Group and Chairman of the Board at Seabury Financial Solutions / FXone said “FXone is a perfect complement to the Seabury Group of companies and will help us leverage our investment in our existing broker dealer subsidiaries by bolting on market leading technology and deep electronic trading expertise. Seabury Group’s customer base includes a long list of multi-national companies that have FX and other trading needs, and we also have deep ties into some of the most promising markets for the next wave of FX and e-trading growth. We also see significant synergies between FXone and Seabury’s leading-edge enterprise software applications.”
“The FXone platform is highly differentiated from any other automated trading platform on the market, because any trader with basic spreadsheet skills, such as Excel, can easily build custom analytics and fully automated trading strategies without traditional programming. In addition, our team has a track record of innovation in this domain, and has developed patented, award winning, large scale automated trading platforms used by some of the largest hedge funds and investment banks in the world”, said Mr. Ingargiola.
Margaret L. Chan, Managing Director at Seabury Group and Director at Seabury Financial Solutions / FXone said “I have known Rosario professionally for a number of years. He brings along a team that is a pleasure to work with. We see tremendous potential for FXone’s multi-asset capable platform, not only in the FX markets, but in futures and all other asset classes including emerging asset classes, like emissions, where Seabury has an interest. The fact that the platform can also be easily used by non-programmers and retail traders alike opens up significant opportunities beyond institutional trading, such as the company’s plan to support mirror or copy trading, which taps into the social trading phenomenon.”
Bijoy Mechery, Senior Managing Director and Head of Seabury’s enterprise software subsidiary, Seabury Enterprise Solutions LLC, and Director at Seabury Financial Solutions / FXone said “The patent pending technology underpinning the FXone trading platform is truly innovative and makes high-performance spreadsheet-based trading a reality. Custom analytics and automated trading strategy development couldn’t be easier than it is with FXone.”