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Tradeweb to pay $785m for investment tech firm ICD

Tradeweb to pay $785m for investment tech firm ICD

Tradeweb Markets has struck a deal to buy investment technology firm Institutional Cash Distributors (ICD) for $785 million.

Tradeweb operates electronic marketplaces for rates, credit, equities and money markets for institutional, wholesale and retail clients.

The firm says that ICD will give it a new and fast-growing client channel serving corporate treasury professionals. ICD enables more than 500 corporate treasury organisations from growth and blue-chip companies across 65 industries and more than 45 countries to invest in money market funds and other short-term products to manage liquidity.

Billy Hult, CEO, Tradeweb, says: "ICD is an exceptional opportunity to acquire a leading investment platform for corporate treasurers, a fast-growing channel within fixed income markets and a strong strategic fit for Tradeweb.

"Acquiring ICD will further diversify our client and business mix, advancing our track record of expanding into adjacent markets to improve client workflows."

The deal, which will be funded with cash on hand, is expected to close in the second half of the year.

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