Cantor Fitzgerald has acquired the assets of Horizon Global Trading, a provider of fixed income trading software, from telecomms carrier IDT for $2.76 million in shares.
As part of the agreement, Cantor subsidiary eSpeed has been granted a perpetual license of Horizon's GovRepo trading system.
Under the terms of the licensing deal, Cantor has agreed to pay eSpeed a maximum of $1.5 million in the event of a future sale of the Horizon business.
IDT acquired privately-held Horizon in 2002 under a plan to cross-sell telecomms services to the firm's roster of financial services clients, which at the time included UBS Warburg, First Union, Societe Generale, HSBC and Mizuho Bank.
Cantor's purchase of the business was disclosed in an SEC filing.