Through this acquisition, Broadway will continue to expand its product suite and delivering new multi-asset solutions across more part of its investment lifecycle, allowing clients to automate additional workflows. Both the company have not disclosed the terms and size of the deal.
Broadway Technology will not merge the operations of Barracuda FX into itself and will keep it as a separate and independent entity and has also retained full Barracuda FX team. It will continue to operate with its existing CEO, Kieran Fitzpatrick and COO, Maurice Curran. Both executives will also assume senior roles in Broadway Technology as Head of FX and Head of FX Operations.
Commenting on the acquisition, Tyler Moeller, the CEO of Broadway Technology said:
“Broadway is constantly thinking about what our customers need to meet new business, trading, and regulatory requirements. With this acquisition, we are continuing to invest in our ability to deliver a full- stack, multi-asset front-office platform that helps them meet these challenges.”
“This is a transformational acquisition and Broadway is excited to welcome the full Barracuda technology team. They are among the best in the industry and represent a tremendous level of institutional and industry credibility, and we are excited to work with them and deliver both of our award-winning solutions side-by-side.”
Kieran Fitzpatrick, the CEO of Barracuda FX also added:
“This is an excellent opportunity to introduce Barracuda’s award-winning technology and world-class service to a broader audience. Joining Broadway makes sense for Barracuda and for our clients, many of whom already use both firms for key components in their FX technology stack. Barracuda shares Broadway’s vision for the future of front office trading technology, and we look forward to taking leadership roles and building upon Broadway’s remarkable success.’’
With the combination of two entities, the client base of the companies includes 50% of the top global banks. Both entities will ensure the enhanced executive-level focus of FX and accelerated product roadmaps for clients.