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7Ridge to acquire Trading Technologies; Keith Todd installed as CEO

7Ridge to acquire Trading Technologies; Keith Todd installed as CEO

Derivatives dealing platform Trading Technologies is to be acquired by CBOE and Singapore Exchange-backed growth equity firm 7Ridge.

A 27-year financial market veteran, TT provides access to the world’s major international exchanges and liquidity venues via its Software-as-a-Service-based TT trading platform. In recent times, the company has also begun to offer domain-specific technology for cryptocurrency trading and machine-learning tools for trade surveillance.

7Ridge says the proposed takeover will enable the firm to make targeted strategic acquisitions in the future.

Upon closing, TT chairman and CEO Tim Geannopulos will make way for the CEO appointment of long-time capital markets specialist Keith Todd. Todd has over 20 years of industry experience in financial markets technology with FFastFill, ION and currently KRM22.

Says Todd: “I have long been a firm believer in the power of SaaS to deliver to clients better technology, greater cost savings and more efficient use of resources. I’m excited by this opportunity to lead TT into its next transformational phase with its outstanding new SaaS platform and the infusion of growth capital from 7RIDGE.”

Terms of the transaction, expected to close before year-end subject to regulatory approvals, were not disclosed.

TT has been in the shop window for some time. In November last year, Goldman Sachs was reportedly in advance talks for a $500 million takeover of the company.

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