Bloomberg has reached an agreement to acquire Broadway Technology, a company that specializes in front-office technology for the sell-side. The financial details of the deal have not been disclosed.
Bloomberg states that this acquisition will enhance its low-latency execution management services tailored for rates trading and will foster further advancements in multi-asset software. Ben Macdonald, global head of enterprise products at Bloomberg, commented, “Broadway’s best-in-class fixed income market-making software will fill a gap in our product portfolio, enabling customers to interact with the market with more speed and agility.”
This acquisition comes approximately two years after Broadway Technology was restructured to satisfy the UK’s competition authorities, which allowed ION Group to acquire another portion of the company. At that time, ION sold Broadway’s fixed income division, including its software and brand, to a consortium led by Broadway’s CEO.