Technology Crossover Ventures invests $60m in Automated Trading Desk

Source: Automated Trading Desk

Automated Trading Desk, LLC (ATD), a pioneer of automated trading technology, today announced that Technology Crossover Ventures (TCV), a leading provider of growth capital to technology companies, has invested $60 million in the company.

The capital will be used to expand ATD's retail, options and institutional execution businesses, as well as to help simplify ATD's capital structure, while providing liquidity to shareholders.

"The financial services market continues to realize ATD's compelling strategic value and recognizes our ability to routinely outperform our peer group in quality of execution, as our market share and daily trading volume significantly increases," said Steve Swanson, President and CEO of ATD, LLC. "The deal with TCV will help further fuel the strategic growth of ATD's businesses through a trusted, reputable capital partner."

In addition to the capital investment, this transaction provides ATD with an opportunity to partner with a highly sophisticated, strategic investment firm that understands ATD's business and the constantly changing equity market environment. ATD is able to leverage TCV's strong market expertise and superior track record of investments.

TCV has signaled great confidence in ATD's future based on the company's continued success and ability to differentiate its products and services, offering clients an innovative trading experience. ATD's success can be measured through its average trading metrics: In November 2006, ATD averaged over 280 million shares a day and approximately 7% of NYSE daily volume and 7% of NASDAQ daily volume.

"ATD is a tremendous company, led by a great management team. We continue to be impressed with its success to date and ability to grow rapidly over the past few years," said Robert Trudeau, General Partner, of TCV. "We are excited by this strategic partnership as the market continues to offer significant opportunities for innovative, technology-driven financial services companies."

Robert Trudeau will join the ATD Board of Directors. Additionally, two new independent Directors will be named. Existing shareholders will maintain their controlling stake in ATD, its executive team will remain the same and the company will continue to operate under the name Automated Trading Desk.

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