Tradeweb Markets Inc. has struck an agreement to buy investment-technology provider Institutional Cash Distributors (ICD) as it seeks growth beyond its core rates-trading business.
The electronic-trading platform, long known for its fixed-income offerings, will pay $785 million in its biggest acquisition yet, according to a statement, which confirmed an earlier Bloomberg report. The deal will give Tradeweb access to one of the largest U.S. institutional money-market fund (MMF) portals, which works with about 500 corporate treasury organizations.
It's the third acquisition Tradeweb has made since the start of 2023, when Billy Hult took over as the CEO. While the rates business still accounts for half its revenue, the company has sought to embrace different asset classes as it seeks to refashion itself as a one-stop trading shop.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
