Thomson Reuters has agreed to acquire FXall, which provides foreign exchange trading solutions for corporations, asset managers and financial firms. Thomson Reuters will pay $22 per share for FXall, putting the total value of the deal close to $625 million.

FXall's biggest shareholder, Technology Crossover Ventures, its chairman and CEO, Phil Weisberg, and its CFO, John Cooley, collectively own about 32.5% of FXall's shares and have agreed to sell those shares to Thomson Reuters. The deal is scheduled to close in the third quarter.

Thomson Reuters operates one of the main electronic platforms for inter-bank FX trading, while FXall has more than 1,000 clients, all institutions that trade FX. Last week, FXall announced that its average daily trading volume hit a record of $98.6 billion in June, up 10% from the level in May.

On Friday, FXall shares closed at $15.70.

The press release announcing the acquisition is here.