GL Trade to acquire US order routing firm Davidge Data Systems
21 October 2004 | 8939 views | 0
Paris-based financial technology firm GL Trade is to acquire Davidge Data Systems, a US equities and options order routing specialist, from S1 Corporation.
The acquisition will provide GL Trade with an order routing system covering all US equities and options markets, as well as middle office tools for reporting and compliance. Davidge software processes approximately 10% of US equities volume and 40% of US listed options volume and the company serves more than 70 broker-dealers including 40 New York Stock Exchange members, and several of the 10 largest brokerage firms.
Gerard Varjacques, CEO of GL Trade Americas, will take responsibility for the New York-based business. He says: "We will benefit from the US market expertise of the Davidge employees, as well as reducing our development cycle and increasing functionality to our US equities, options, and middle-office line of products."
The transaction is expected to close in early November 2004. The acquisition will increase GL Trade Americas’ revenues to 15% of global turnover in the short term. Terms of the deal were not disclosed.