Tradeweb Markets has completed its acquisition of Institutional Cash Distributors (ICD), an investment technology provider for corporate treasury organisation trading short-term investments.
Billy Hult
The $785 million, all-cash transaction was originally announced earlier this year in April.
The acquisition will see Tradeweb add corporate treasury professionals as a fourth client channel, building on top of its existing focus on institutional, wholesale and retail clients – as well as giving the firm access to a $2 billion addressable market.
Tradeweb stated that it expects the ICD acquisition to be accretive to its adjusted earnings per share over the next year.
“Corporate treasurers represent an increasingly large and underserved opportunity within fixed income markets, and ICD’s differentiated technology offers the perfect gateway between corporates and global fixed income markets,” said Billy Hult, chief executive of Tradeweb.
“The ICD team shares our commitment to continuous innovation and exceptional client service, and it is a pleasure to officially welcome them to Tradeweb.”
As a part of Tradeweb, ICD will provide an improved solution for corporate treasury organisations globally, with a range of Tradeweb integration opportunities.
Looking forward, ICD clients will be enabled to optimise yield and duration via Tradeweb’s existing suite of products and partnerships, as well as manage liquidity needs and related FX risk.
Tradeweb will cross-sell its products to ICD’s clients, alongside leveraging its international presence to accelerate ICD’s growth and expansion.