European trading technology outfit GL Trade says it is actively seeking new acquisition targets in the US in an effort to reinforce its position as a global supplier to the wholesale financial markets.
The highly-acquisitive, Paris-based, firm has bought a number of businesses over the past year, including Misys Securities Trading Systems' units in the UK, Japan and Hong Kong which it purchased in November. The vendor has also set up an Italian back office joint venture with Italy's Società Interbancaria per l'Automazione (SIA), called Glesia.
The acquisitions of the Misys units and Glesia contributed to a 16.5% increase in GL Trade's turnover in the first half of the year, which rose to EUR72.8m. But the company still reported a drop in Ebitda to EUR15m, down 3.6% from EUR15.5m a year earlier.
Gl Trade says it has now become a "consolidation platform" in its markets and is actively looking for new acquisition targets that will either bolster its position in particular markets - particularly the US - or add products that fit well with its existing range.
The UK, France and Italy are GL Trade's largest markets. The Americas currently account for just nine per cent of the firm's turnover, but GL Trade says turnover in the US in the first half rose by 11% in dollar terms.