04 July 2015

Instinet to sell majority stake in MarketPrizm to Colt

04 May 2011  |  5927 views  |  0 handshake

Telecoms firm Colt has agreed to buy a majority stake in trading technology company MarketPrizm, with current owner Instinet maintaining a minority interest.

Under the deal, Colt will not pay an upfront price for its stake but has committed to fund MarketPrizm "through its next stage of growth" hitting Ebitda by up to EUR10 million in 2011.

Colt says that the deal boosts its presence in the financial services sector and helps move it deeper into the managed services area of an industry increasingly looking to third party providers to slash IT costs.

MarketPrizm was initially introduced to the market in 2009 by Chi-X Global technology unit Chi-Tech, and pitched as an exchange-neutral multi-venue access gateway to European trading destinations.

Colt says a combination of MarketPrizm's expertise in market data and trading infrastructure services with its own strength in low latency networks, and proximity hosting services "will provide the unique foundation necessary to address the increasingly demanding requirements of trading firms".

MarketPrizm will be run by Colt veteran Tanuja Randery, who previously led the global business division. Current CEO John Lowrey will continue to provide "strategic oversight" and be a member of the MarketPrizm board.

Rakesh Bhasin, CEO, Colt, says: "Providing market data and trading infrastructure services is a natural step for Colt as we pursue our vision of becoming Europe's leading information delivery platform. With our strong existing financial services customer base, this transaction will extend Colt's finance sector capability and presence and create new opportunities to provide trade execution services to clients in equities and other asset classes in Europe and Asia."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

22 February, 2011
03 August, 2010
26 August, 2009
14 August, 2009
04 April, 2007
20 February, 2007

Related company news

 

Top topics

Most viewed Most shared
Barclays takes on Apple with wearable paym...
8929 views comments | 38 tweets | 35 linkedin
Singapore pledges S$225m to fintech
8104 views comments | 31 tweets | 23 linkedin
US banks pump $16.6bn into digital transfo...
7031 views comments | 35 tweets | 24 linkedin
Greeks flock to Bitcoin
6029 views comments | 30 tweets | 18 linkedin
UK payments regulator calls for 'pipes and...
5632 views comments | 27 tweets | 20 linkedin

Featured job

to c. £100k+ base, double OTE
London, UK

Find your next job