FFastFill, a provider of software as a service ("SaaS") to the global derivatives community, has secured a new $3m revolving credit facility with Barclays to support its expansion strategy.
The provision supports FFastFill's acquisition of WTD Consulting, a consulting and software solutions firm, fuelling FFastFill's US expansion programme, as well as giving FFastFill additional working capital. The facility has an initial 12 month tenure with the option to refinance at the end of the term.
FFastFill provides market leading software and SaaS solutions to more than 80 major global banks and hedge funds. Its services encompass trade execution and order routing, matching and allocation and clearing and settlement, underpinned by real-time risk management as part of an integrated, yet modular system architecture. The company has offices in London, Chicago, Sydney, Singapore and Hong Kong as well as an R&D facility in Prague.
The acquisition of WTD Consulting has further increased the company's presence in the key US market. With WTD now a fully integrated part of FFastFill, the company is now able to provide consulting, business analysis, project management and systems migration to support the delivery of the company's Eclipse platform to brokers and futures commission merchants across North America.
Sam Kemp, TMT Relationship Director at Barclays said: "FFastFill is an ambitious and energetic company and we're excited to be working with them to support their aspirations. The company's acquisition of WTD puts it in a strong position in the US market and we are glad to be on board to help with the inevitable transitional changes that come with foreign expansion."
Mark Carlisle, Chief Financial Officer at FFastFill commented: "We are delighted with the facility provided by Barclays. WTD has an outstanding reputation in the industry and, by bringing both our teams and technologies together we now have a strengthened platform from which to continue our growth, particularly in the key US market."