French dealing systems vendor GL Trade has acquired Decision Software, a New York-based provider of fixed income trading technology, for an undisclosed sum.
Founded in 1989, Decision Software provides a real-time fixed income sales and trading system - Decision Software Trading System (DSTS) - which has been specifically designed for high performance pricing and transaction processing. The company's clients include Fidelity Capital Markets, Scotia Capital Markets, Charles Schwab, Bank of Montreal and Merrill Lynch Canada.
GL Trade says the US firm will end the year 2007 with a yearly turnover of around $4.2 million and expects growth above 20% in 2008.
Following the acquisition, Decision Software co-founders Gerald Belpaire and Samuel Aizenberg will continue to head up the business unit.
GL Trade says the acquisition will enable it to offer a front to back fixed income platform in the US. The French vendor's US capital market solutions unit currently provides middle and back office and settlement systems for US fixed income.
"Decision Software brings GL Trade the fixed income component and perfectly completes our existing equity, listed derivatives and forex trading solutions," says Philippe Rapp, EVP of strategic development and M&A at GL Trade. "This acquisition will strengthen our North America business where 2008 Turnover will be over $50 million."