Overview
ID’S RFQ-hub, a Paris-based software and computing services company dedicated to the financial industry, completed its sale to US brokerage and software group ITG. It will be rebranded ITG RFQ-hub and become part of ITG’s Platforms business. Financial terms of the transaction were not disclosed.
Significance
ID’S develops and commercializes the multi-dealer and bilateral trading solution RFQ-hub for global OTC-negotiated cash equity and cross-asset listed and OTC derivatives.
RFQ-hub organizes transactional workflows, allowing asset managers to send and receive competing and tradable quotes electronically from all the major global investment banks and market-makers, streamlined directly from their own systems. RFQ-hub helps participants comply with emerging regulatory requirements. The software also allows receiving selected trade axes and indications of interest from sell-sides. It provides business intelligence and statistical reports including brokers’ review or Client Relationship Management analytics.
Our Role
NovitasFTCL was sole adviser to the majority (management) shareholders of ID’S RFQ-hub in organizing a disposal process for the business, which ended up in the acquisition of 100% of the firm by US-listed ITG. The process targeted capital markets participants as well as sell-side and buy-side software vendors, including many US-based ones. Total confidentiality was maintained until completion.
NovitasFTCL’s role included assisting management in its discussions with Deutsche Boerse Group, which concluded in the latter’s disposal to ITG of its minority stake in the business (acquired in 2010/11 as an early-stage backing of the innovative solution), and ongoing strategic cooperation with Eurex and Eurex Clearing.
