BondDesk acquires BondNexus

BondDesk acquires BondNexus

Internet bond trading firm BondDesk has acquired the BondNexus new issue platform. Terms of the transaction have not been disclosed.

BondNexus began life five years ago as a proprietary software application within Seattle-NorthWest Securities where it was used to automate the underwriting of municipal bonds. The company was spun off as a commercial entity in September 2000 and the platform now features a suite of products that assist underwriters, salespeople, and bankers in managing a municipal bond underwriting. It claims to have handled over 300 issues with a value of $3 billion in the first three quarters of 2001.

BondDesk, which is owned by a consortium of 12 financial services firms, says BondNexus will complement its taxable new issue platform, which is currently handling $1 billion in new issues per month. BondNexus will change its name to BondDesk*Syndicate and be integrated into BondDesk.

The agreement is the latest in a series of closures, mergers and takeovers to hit the rapidly consolidating electronic bond trading market.

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