Trading technology vendor Nyfix has signed an agreement to acquire the remaining 60% of Madrid-based Eurolink Network that it didn't already own, in a transaction valued at $0.5 million.
Eurolink Network provides direct electronic access to the US equity markets from Europe via its suite of order management, routing and execution products and services.
Nyfix acquired its initial 40% stake in Eurolink Network in a bid to expand its equity network presence across Europe.
In connection with its international expansion plans, Nyfix says it is also establishing a subsidiary in the UK. The vendor has also opened two European data centres based in London and Amsterdam.
Furthermore, Nyfix says it has also secured contracts during Q1 2004 worth approximately $2 million in revenue, primarily through sales of its Platinum trading platform.
Peter Kilbinger Hansen, CEO of Nyfix, says the firm has signed a total of 16 new broker/dealers during the quarter: "We have seen an increase in the interest level for our core brokerage services as well as a shortening of our sales cycle."