Nasdaq OMX has agreed a deal to buy Smarts Group, a privately-held Australian provider of market surveillance systems to exchanges, regulators and brokers. Financial terms were not disclosed.
The exchange operator says the deal, expected to close in the third quarter, is part of a strategy to diversify its commercial technology business and enter the broker surveillance and compliance market.
Founded in 1994 and headquartered in Sydney, Smarts employees around 130 people. It claims over 30 national exchange and regulatory customers - including the LSE, Bats and Nasdaq OMX's own platforms in Stockholm, Tallinn and Helsinki - as well as 50 national and multinational broking clients across 30 markets.
Anna Ewing, CIO, Nasdaq OMX, says: "Efficient surveillance operations are imperative to ensure integrity in today's financial markets, and Smarts allows us to capitalize on the growing demand for surveillance technology products in exchange, regulator and broker markets worldwide. We are also excited about expanding our presence in Australia and look forward to leveraging Smarts' center of excellence and innovation in the region."