NEW YORK, November 8th 2005 - FlexTrade Systems Inc. has acquired a 72% majority stake in FIT-Traderforce, a European leading provider of financial information platforms, in an all cash deal. Financial terms were not disclosed. The founders of Traderforce will remain as shareholders and on the executive board.
The acquisition enables FlexTrade to integrate its global expertise in multi-asset algorithmic trading systems with Traderforce’s thin client financial information platform to create the next generation thin-client solution for broker neutral algorithmic trading.
Vijay Kedia, President of FlexTrade Systems Inc., said, "This acquisition brings us, a proven, highly scalable platform, which will enable us to offer a thin client, market data and multi-asset trading platform to buy-side and
sell-side institutions. This will also enable us to work closely with brokers to offer a comprehensive, global, thinclient solution to their buy-side customers. FlexTrade is committed to offering the industry’s widest range of choice in global, multi-asset, broker neutral trading systems."
Jean Michel Blanco, founder and Chief Executive Officer of Traderforce said, "We are delighted to become part of FlexTrade. This is a highly complementary opportunity for all of us. It enables us to quickly realize the strategic initiative we made last year to integrate multi-asset algorithmic trading and execution management functionality with our platform which offers in-depth market data content, analytics, fundamental data and technical analysis tools. It also enables us to be a truly global company with local presence in North America, Europe and Asia".