New York-based private equity firm TA Associates has invested $50 million for a minority stake in electronic derivatives trading platform Creditex.
Founded in 1999, Creditex provides electronic execution services in the credit derivatives market. The vendor says its platform is used by more than 800 credit derivatives traders worldwide.
Commenting on the investment, Sunil Hirani, CEO of Creditex, says: "In addition to providing liquidity to our original shareholders, TA's resources and networks will accelerate our growth plans to take advantage of the significant opportunities in the credit derivatives market."
Jonathan Meeks, a principal at TA Associates who will join the Creditex's board of directors, adds: "We will lend the breadth and depth of our resources to help Creditex stay on its growth trajectory."
Separately, Dublin-based ION Trading Group - a provider of dealing systems for electronic fixed income markets which received a EUR35m investment from TA Associates in June last year - has acquired New York-based Aurora Software a supplier of fixed-income dealing systems.
Andrea Pignataro, CEO and founder of ION, says: "Joining forces with Aurora significantly enhances our product offering and expands our presence in the US."
Neil Arora, president and founder of Aurora Software will remain in his post and will join the ION management team.