Basis100 bails out of CanDeal
14 April 2003 | 1812 views | 0
Toronto-based technology vendor Basis100 has sold its minority stake in Canadian debt trading platform CanDeal to its one-time venture partners.
The deal marks a further retreat from the wholesale financial markets for Basis100, which recently offloaded its capital markets subsidiary EFA Group to Computershare.
CanDeal was initially established as a joint venture between Basis100, MoneyLine Telerate and six Canadian investment banks. The Toronto Stock Exchange took a 40% stake in the alternative trading system after it received regulatory approval to begin trading last year.
Financial terms of the deal were not disclosed. Basis100 says it retains the rights to market the underlying BasisXchange trading software used by CanDeal in markets outside Canada.
Jayson Horner, president and CEO of CanDeal, says the buy-out will enable the remaining partners to internalise the BasisXchange application and develop it further.
"This is a natural evolution for CanDeal, enhancing our ability to grow the business and explore new strategic opportunities," he says.