Lightspeed receives PE investment to fund Terra Nova Financial acquisition

Source: LLR

LLR Partners ("LLR") today announced that it has entered into a definitive agreement to invest in Lightspeed Financial Inc. ("Lightspeed"), a leading provider of direct market access (DMA) trading technology, risk management solutions, and brokerage services for active and semi-active retail traders, proprietary trading groups, hedge funds, and algorithmic trading firms.

Lightspeed expects to use the proceeds of this investment to fund its previously announced acquisition of Terra Nova Financial, LLC ("Terra Nova Financial"), a specialized financial services firm focused on supporting trading professionals, and a wholly owned subsidiary of Terra Nova Financial Group, Inc. /quotes/comstock/11k!tnfg (TNFG 0.92, 0.00, 0.00%) .

The transaction, which is expected to close in the third quarter of 2010, is subject to review and approval by regulators as well as Terra Nova Financial Group, Inc.'s shareholders.

"We are excited to partner with Lightspeed, a strong, growing company with leading edge technology, led by a dynamic team in a compelling market space," says Mitchell Hollin for LLR Partners. "Lightspeed's acquisition of Terra Nova Financial and the recently announced perpetual license of Assent LLC's Anvil trading software will help Lightspeed to continue providing its customers superior trading tools and service."

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