GL Trade Buys Ubitrade Group
GL Trade, a trading systems vendor, has acquired Ubitrade Group, a Paris-based developer of derivatives trading and back-office technology, for an undisclosed amount, it was announced today.
Ubitrade reported revenues totaling $17 million in 2003. The firm has 140 employees in Paris, London, Frankfurt, Chicago and Sydney, and it keeps a development center in Tunisia. GL Trade says it will combine UbiTrade's clearing and settlement product Ubix with its own GL Win front-end software and middle-office application GL Clearvision, providing clients with an integrated front-to-back-office system for derivatives trading. It will also be made available as a hosted service.
Ubitrade also owns Tradix, a trading and order-management system (OMS) for OTC derivatives products. GL Trade says this will enable it to integrate OTC instruments within its own OMS for equities and derivatives.
This acquisition is the latest development in a string of acquisitions that GL Trade has made recently. In October, the Paris-based dealing system supplier purchased Davidge Data Systems, a U.S. equities and options order-routing provider from S1 Corporation. It also bought Iris Group, a Dutch provider of screen-based trading and decision-support software. Last year, GL bought Misys Securities Trading Systems' businesses in the United Kingdom, Japan and Hong Kong.