US financial technology vendor Fundtech has entered into a definitive agreement to acquire Radius Partners, a Massachusetts-based provider of straight-through processing (STP) software to the securities industry. Financial terms of the deal were not disclosed.
Radius Partners' TradEX and AccountEX products automate institutional trade processing across capital markets, asset management, buy and sell side securities, trading institutions and trust and custody services.
Fundtech says the acquisition will expand its presence in the securities processing arena.
The two firms have already collaborated on the development of Fundtech's recently released Tradeplus system, which allows financial market participants to integrate trade execution, trade allocation, matching, account/settlement instruction and settlement notification processes into a single, automated process.
Reuven Ben Menachem, CEO of Fundtech, comments: "Radius Partners has proven itself to be an invaluable partner in our recently announced entry into the securities transaction processing business. Combining our expertise, Fundtech has developed a truly innovative post-trade securities processing system for Omgeo."