Tradeweb Markets has announced its acquisition of investment technology firm Institutional Cash Distributors (ICD) for $785 million.
Tradeweb operates electronic marketplaces across rates, credit, equities, and money markets for institutional, wholesale, and retail clients. The addition of ICD is expected to provide Tradeweb with a swift-growing client channel aimed at corporate treasury professionals. ICD supports over 500 corporate treasury organizations, including both growth and blue-chip companies, across 65 industries and more than 45 countries, helping them invest in money market funds and other short-term products to manage liquidity.
Billy Hult, CEO of Tradeweb, stated, “ICD represents an exceptional opportunity to acquire a leading investment platform for corporate treasurers, which is a fast-growing channel within fixed-income markets and a strong strategic fit for Tradeweb. Acquiring ICD will further diversify our client and business mix, enhancing our commitment to expanding into adjacent markets to improve client workflows.”
The transaction, set to be funded with cash on hand, is anticipated to close in the second half of the year.