Dyne in LogicScope buy out
06 November 2003 | 3837 views | 0
LogicScope, a UK-based supplier of financial transaction and messaging products, has been bought out by Dynamic IT Management Services, a special-purpose vehicle backed by HSBC Structured Finance, LogicScope managing director Nick Dyne, and incoming sales director Pat Dolan.
The buy-in management buy-out - or 'Bimbo' - wrests control of the company away from its majority investors, which included venture capital fund 3i and Swedish investment company Astroiden Data.
At the same time, the senior management team of Dyne, Dolan and technical director Brian Cappell, has been strengthened by the addition of new non-executive directors John Jessop, former chief executive of Telerate and Gerald Ashley, former central banker and now managing director of risk management company St. Mawgan. Alan Law, who was already a non-executive director of the company, becomes chairman.
Dyne says the new blood will add business nous to the technical market data, STP and financial messaging skills already harnessed by the firm.
LogicScope's clients include leading real-time information vendors, FX trading systems and major financial institutions worldwide. It supports over 200 sites in 23 countries.
Financial details of the transaction have not been disclosed.