Upon completion of the transaction, ITG will be the sole owner of all the intellectual property relating to the Posit and TriaAct crossing networks. The purchase price will consist of an initial payment of $90 million and a contingent component payable over the ten years following closing equal to 1.25% of revenues.

Ray Killian, ITG's chairman, president and CEO, says the deal "will result in significant savings from decreased royalty payments which will increase shareholder value".

In addition, says Killian, ITG will now have the ability to be more aggressive when pursuing new business and growth opportunities.

News of the move comes weeks after ITG Europe announced it was negotiating to acquire rival European network E-Crossnet.