Tradeweb completes acquisition of ICD
02 August 2024 US
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Tradeweb Markets has completed the acquisition of Institutional Cash Distributors (ICD), an investment technology provider for corporate organisations trading short-term investments.
The US$785 million all-cash transaction was first announced in April 2024.
With this move, Tradeweb adds corporate treasury professionals as a fourth client channel, complementing its existing focus on institutional, wholesale and retail clients.
ICD is one of the largest US institutional money market fund portals, enabling more than 500 corporate treasury organisations across various industries in more than 45 countries to invest in money market funds and other short-term products to manage liquidity.
In the future, ICD clients will have the ability to optimise yield and duration via Tradeweb’s existing suite of products and partnerships, as well as manage liquidity needs and related FX risk.
In addition to cross-selling its products to ICD’s clients, Tradeweb will leverage its international presence to accelerate ICD’s growth and expansion.
Tradeweb CEO Billy Hult says: “We are excited to complete the acquisition of ICD and launch corporates as a new client channel, offering a new avenue for growth and building on our strong presence across our other core markets.
“Corporate treasurers represent an increasingly large and underserved opportunity within fixed income markets, and ICD’s differentiated technology offers the perfect gateway between corporates and global fixed income markets.”
Tradeweb expects the ICD acquisition to be accretive to its adjusted earnings per share over the next 12 months.
The US$785 million all-cash transaction was first announced in April 2024.
With this move, Tradeweb adds corporate treasury professionals as a fourth client channel, complementing its existing focus on institutional, wholesale and retail clients.
ICD is one of the largest US institutional money market fund portals, enabling more than 500 corporate treasury organisations across various industries in more than 45 countries to invest in money market funds and other short-term products to manage liquidity.
In the future, ICD clients will have the ability to optimise yield and duration via Tradeweb’s existing suite of products and partnerships, as well as manage liquidity needs and related FX risk.
In addition to cross-selling its products to ICD’s clients, Tradeweb will leverage its international presence to accelerate ICD’s growth and expansion.
Tradeweb CEO Billy Hult says: “We are excited to complete the acquisition of ICD and launch corporates as a new client channel, offering a new avenue for growth and building on our strong presence across our other core markets.
“Corporate treasurers represent an increasingly large and underserved opportunity within fixed income markets, and ICD’s differentiated technology offers the perfect gateway between corporates and global fixed income markets.”
Tradeweb expects the ICD acquisition to be accretive to its adjusted earnings per share over the next 12 months.
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