Update as at 09/08/2022 – The transaction closed on 9th August 2022 following regulatory approvals.
TORA AGREES TO BE ACQUIRED BY LONDON STOCK EXCHANGE GROUP FOR $325 MILLION
SAN FRANCISCO, 22 February 2022, TORA, provider of the industry’s most advanced all in one execution, order and portfolio management system (EMS, OMS and PMS) announced today it has entered into an agreement to be acquired by London Stock Exchange Group (LSEG) for $325 million in an all-cash transaction.
Upon completion of the transaction, subject to regulatory approvals, TORA will sit within LSEG’s Data & Analytics division as part of its Trading & Banking Solutions business. Becoming part of LSEG will enable TORA to expand and grow clientele whilst significantly investing into global infrastructure, product development and innovation. TORA clients will benefit from the widest possible range of market data, benchmarking indices, advanced corporate actions and a much larger yield book.
TORA will help to enhance LSEG’s offering in Asia, North America and Europe and deliver best in class, multi asset front to back trading technologies. Both companies are focused on building a state-of-the-art financial infrastructure that operates across the entire investment lifecycle as an open ecosystem.
Robert Dykes, Chief Executive Officer, TORA said: “I’m delighted that we will become part of LSEG. TORA has grown entirely organically since we formed in 2004. We are proud that all of our products have been built independently in-house since day one. However, change is needed to evolve, and as we look to grow our global business we couldn’t have asked for a better partner than LSEG. Their global product book and coverage will help drive even more success for TORA. We see this complementary combination as an incredible opportunity to create the most advanced trading solutions for clients”.
Dean Berry, Group Head of Trading & Banking Solutions, LSEG, said: “This transaction is an important extension of our global Trading business. Acquiring TORA will enable LSEG to deliver critical “at trade” capabilities for the buy side, seamlessly connecting into our next generation desktop Workspace. Combining TORA’s international footprint with LSEG’s global reach will drive further growth and we look forward to collaborating in order to continue this expansion”.
TORA’s OEMS & PMS offers the most comprehensive front-to-back end trading solution that supports buy-side and sell-side customers trading across global equities, fixed income, FX, derivatives and digital assets.
Users have access to advanced functions for order management, portfolio rebalancing, pre-trade and post-trade TCA, allocations and commission management tools. The integrated software package already connects with custodians, prime brokerage and trade matching providers across the globe. The functionality is fully auditable, MIFID II compliant and automatically details in depth order records, price information, best execution reports and analytics.
The transaction is expected to close in H2 2022, subject to regulatory approvals.
Jefferies LLC is the exclusive financial advisor to TORA.