Redo Global Technologies LLC (REDI), developer of the RediPlus execution management system (EMS), today announced that the firm has completed the acquisition of BofA Merrill Lynch's InstaQuote business, which includes the technology, clients, and employees.
Marking REDI's first acquisition as an independent financial technology company, this integration represents a significant step in the firm's continued and rapid growth. As REDI approaches its one-year anniversary as an independent company, the firm is expanding both in size and capability in order to deliver valuable new services to clients globally.
Clients of InstaQuote have been fully migrated to REDIPlus, increasing the firm's client base by more than 20% and necessitating growth of platform capabilities. REDIPlus now offers a comprehensive suite of middle- office solutions, including deeper integration with a number of clearing and prime brokers and expanded risk management capabilities.
"Our product strategy is centered on how we can make trading better and serve clients across the trade lifecycle - the integration of the InstaQuote technology reflects this commitment," said Goutam Nadella, Chief Product Officer of REDI. "By adding middle office functionality to REDI's robust trading platform, we're answering our client demands for simplified and integrated workflows."
The integration also brings 30 former InstaQuote employees to the REDI team, who are all based at a new REDI client service center in Dallas, Texas. These employees bring with them years of experience within the electronic trading space.
"By integrating the InstaQuote and REDI teams, we can leverage our in-depth knowledge of electronic trading technology to deliver top-quality client services," said Clayton Meadows, ex- Head of InstaQuote Business and current Head of Business Development - Americas at REDI. "We truly appreciate our clients' patience through this transition. We have spent the past year integrating the technology to create a seamless experience for clients, and now we can offer an even larger team of experts and resources with decades of collective expertise."
"Through the integration of InstaQuote, REDI is transforming electronic trading for the benefit of all market participants," said REDI Board Member Bina Kalola, Head Global Equities Strategic Direct Investments, BofA Merrill Lynch. "We recognize the industry's needs are changing, which further underscores the value of a broker-neutral platform like REDIPlus. As the industry evolves, we expect REDI to play a significant role in the consolidation of EMS platforms."