According to an ITG press release , the acquisition will expand ITG’s client base to include plan sponsor and sell-side customer segments in the US and Europe. Plexus’ customers include more than 200 financial institutions representing $4.5 trillion in equity trading volume.
ITG and Plexus clients will receive a more comprehensive transaction cost analysis product offering as a result of the acquisition, the release said.
The all cash acquisition is valued at approximately $12 million. Plexus’ revenues in 2004 were approximately $11 million. In 2005, revenues are projected to remain at the same levels and the business is expected to break even, according to the news release.
ITG is a specialized brokerage firm that partners with clients globally to provide solutions for the entire trading process.
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