Icap has sold a 12% stake in Traiana to a group of seven bank customers in a deal valuing the foreign exchange post-trade processing platform at $300 million.
The banks - BofA Merrill Lynch, Barclays, Citi, Deutsche Bank, JP Morgan, Nomura, and RBS - have an option to buy another 20% of the business for a price of up to $82.5 million.
Traiana provides global banks, broker-dealers, buy side firms and trading platforms with services to automate post-trade processing and risk management of financial transactions in listed and over-the-counter trading markets.
Icap acquired the firm - which is now used by more than 500 financial market players around the world - for $247 million in 2007.
As part of the agreement, Traiana has created a new board of directors, led by founder and executive chairman, Gil Mandelzis, and including CEO Andy Coyne, and a representative from each of the investing banks. Icap will continue to consolidate Traiana as a subsidiary.
Says Mandelzis: "This investment marks another important milestone in solidifying our partnership with the leading players in the industry. It creates a platform for Traiana to continue to innovate and transform the markets we serve and make global markets more robust for our customers and their clients."
Mike Bagguley, head, FX and commodities, Barclays, adds: "Traiana plays a pivotal role in the global FX industry as a central infrastructure company and we are delighted to be part of this strategic investment. We look forward to solidifying our relationship with Traiana and working with them to accelerate the growth of the company."