Barclays sells RealTick to ConvergEx

Barclays sells RealTick to ConvergEx

Barclays has agreed to sell multi-broker, cross-asset electronic execution platform RealTick to fintech firm ConvergEx. Financial terms of the deal were not disclosed.

RealTick was developed in 1985 by Townsend Analytics to computerise market profiles at the Chicago Board of Trade. The vendor was acquired by Lehman Brothers in 2005 before being taken over by Barclays following Lehman's collapse in 2008.

ConvergEx says the acquisition - set to close by the end of the year, subject to regulatory approval - will broaden its technology offering to include a multi-asset class, easily deployable and completely broker-neutral execution platform.

Joseph Velli, chairman and CEO, ConvergEx, says: "We chose to acquire RealTick because of its highly scalable technology, proven track record and talented and dedicated staff. The industry is moving rapidly towards consolidating execution management systems and we believe we can leverage ConvergEx's global footprint to expand RealTick's multi-broker network to make it the most comprehensive and global offering in the industry."

Stuart Breslow, CEO, RealTick, says: "This transaction aligns us with a premier technology company with a global reach and a deep client base. Our clients have grown to expect RealTick's continual innovation of technologies that help them analyse, execute and evaluate performance. These clients will now benefit from the broad range of complementary capabilities that ConvergEx has to offer."

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