TP ICAP released a document via the London Stock Exchange this Monday, saying that it has acquired ClearCompress – a London-based technology company that reduces trading costs via compression services.
ClearCompress’ management team, founders and early-stage investors were responsible for the sale to the inter-dealer broker. David Hill, the company’s CEO, will remain with the firm alongside key staff members.
TP ICAP will pay £750,000 ($932,00) in cash for ClearCompress over the next two years. Performance-related payments will also be made to the sellers for the next six years in either cash or shares.
“As ClearCompress enters the next phase in its development, we are looking forward to being a part of the TP ICAP Group which will enable us to accelerate our client reach, develop new products and expand internationally,” said Hill.
“Our partnership with TP ICAP and the solutions we deliver have been well received by clients and we are enthusiastic and confident about what more we can do in the future.”
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New acquisition, old partners
As Hill’s comments suggest, TP ICAP and ClearCompress have worked together already.
The two companies have been collaborating since 2017, with ClearCompress providing its development and algorithmic expertise to the inter-dealer broker.
In March of this year, TP ICAP invested £500,000 in the firm and provided it with access to clients via its regulatory licensing.
“The acquisition of ClearCompress is in line with our strategy to broaden our customer service offering,” said TP ICAP CEO Nicolas Breteau.
“The compression runs we have conducted demonstrate excellent outcomes for our clients. We are delighted to welcome this innovative company with its expertise in algo-driven capital optimisation solutions to our group and we are excited to move forward and grow the business together.”