Trading technology provider Dash Financial announced today that it has signed an agreement with global brokerage Convergex to merge with LiquidPoint (Convergex’s options trading and technology business), in order to create a financial technology company in the options and equities markets.
Dash Financial is an institutional trading technology, execution and analytics provider bringing transparency and high-level performance to the US options and equities markets. LiquidPoint provides advanced options technology and routing services with deep penetration into the sell-side and exchange communities.
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The merger brings together two highly complementary businesses to create a major player in the US options agency execution space. The combined entity will operate as Dash Financial Technologies and be majority owned by private equity firm GTCR, which owns a controlling interest in Convergex. The independent company will be led by Peter Maragos as CEO and Ben Londergan as President.
Maragos commented: “Our core mission is to deliver highly transparent trading technology and pure agency execution solutions to the institutional community. Together we are uniquely positioned to offer the widest range of solutions to help the buy side, sell side and exchanges navigate the ever-evolving market structure and regulatory environment.”
Collin Roche, Managing Director at GTCR, added: “This merger creates a well-capitalized, growing financial technology firm that is able to deliver the next generation of trading and transparency solutions to the largest and most sophisticated clients. There are also great synergies between these two firms, and we believe this merger will unlock the full potential of both businesses.”
The transaction is expected to close in Q1 2017 subject to customary closing conditions including regulatory approvals.