TMX Group Limited (TMX Group) today announced that Trayport Limited, a wholly owned subsidiary of TMX Group has entered into an agreement to acquire Vienna-based VisoTech, a leading provider of European short-term energy trading solutions.
"Today's announcement marks a significant step forward for Trayport, both in our ability to serve the needs of existing and new clients as markets evolve and in the acceleration of our growth strategy," said Peter Conroy, President, Trayport. "We look forward to the work ahead with VisoTech's proven team of experts as we integrate their leading-edge algorithmic design and execution capabilities into Trayport's client offering across our existing network of brokers, traders and exchanges and the markets we serve."
Founded in 1999, VisoTech provides advanced algorithmic trading solutions to customers in the European spot power and natural gas markets, empowering clients to use VisoTech's pre-defined algorithms to develop their own customized trading strategies. These capabilities, when integrated with Trayport's core trading screen, Joule, will enable Trayport to address the increasing market demand for intra-day trading of energy products as the shift to renewable generation continues. Trayport will now be well positioned to offer VisoTech products and capabilities to its over 300 trader clients, some of whom are already VisoTech clients today.
"The addition of VisoTech to TMX Group fits squarely within our growth strategy, enabling us to augment our global energy business with new innovative products and client solutions, while continuing to increase the portion of our revenue derived from recurring sources," added Lou Eccleston. "TMX will also work together with VisoTech to explore ways to leverage their capabilities around Artificial Intelligence and data science to other areas, an effort that will include establishing a centre of excellence in Vienna, Austria."
The transaction is expected to close in the second quarter of 2019, subject to customary closing conditions and is not subject to regulatory approval.