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ITG to buy JPMorgan's Plexus unit for $12m

19 September 2005  |  9847 views  |  0 hand shake (M&A)

Investment Technology Group (ITG), a New York-based provider of technology-based equity trading services, has signed a definitive agreement to acquire Plexus Group, a supplier of transaction cost analysis (TCA), trade research and consulting services, from JPMorgan Chase for $12 milllion in cash.

JP Morgan Chase originally acquired Los Angeles-based Plexus in August 2002.
The group's TCA, trade research and consulting services are used by over 200 financial institutions, including investment managers, pension plan sponsors and brokerage firms.

Plexus' revenues in 2004 were approximately $11 million. In 2005, revenues are expected to remain at the same levels and the business is expected to break even.

Ray Killian, ITG's chairman, president and CEO, says the acquisition expands ITG's client base into the plan sponsor and sell-side customer segments in the US and Europe.

He says the deal will allow ITG to "provide a comprehensive transaction cost analysis solution to a wider marketplace".

The transaction is expected to close within 120 days.

ITG shares rose 32 cents, or 1.10%, to $29.34 on the news.

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