GL Trade to acquire middle office outfit Emos
21 June 2006 | 6798 views | 0
Paris-based trading technology vendor GL Trade is acquiring Emos Systems, a French provider of middle office derivatives software, for an undisclosed sum.
Formed in 1998, Paris-based Emos provides middle office software and solutions for futures, options and exchange-traded derivatives. The company reports turnover of over EUR2m and has 15 clients.
Emos employs fifteen staff, based mainly in Paris and London, and also has local offices in New York, Singapore and Sydney.
GL Trade says it expects to complete a 100% buy-out of Emos by 3 July. The business is currently majority-owned by its founding directors, David Duval and Frederic Darbel and Alven, an investment fund.
Following the acquisition, the Emos unit will be integrated with GL Trade's post trade derivatives (PTD) business line. Darbel will join the vendor's joins the PTD London team, while Duval will take over global responsibility for the development and strategy of GL Trade's middle office products.
Pierre Gatignol, CEO of GL Trade, says: "This acquisition reinforces our Post Trade for Derivatives business line, for which we have great ambitions."