GL Trade buys market data outfit Infotec
06 July 2007 | 7522 views | 0
French dealing systems vendor GL Trade has acquired Swiss market data technology vendor Infotec, for an undisclosed sum.
Infotec has been sold to Paris-based GL Trade by its management and the Swiss group Edipresse.
Established in 1982, Infotec supplies its ASP-based market data technology to banks, brokerages, asset management firms and other financial institutions. The system covers more than 140 financial markets and OTC sources and also delivers technical analysis and research tools.
The firm employs around 50 staff at its headquarters in Geneva and operations in Zürich, London, Paris and Frankfurt.
GL Trade says Infotec reported turnover of around EUR10 million in 2006 and expects growth of 30% in 2007.
The French vendor says it will create a new business unit that will market the Infotec system. Robert Jeanbart, Infotec CEO, has been appointed as director of the new market data division.
Philippe Rapp, EVP, strategic development, GL Trade, says the acquisition "fits well with our strategy of strengthening our buy side presence".