New York-based Investment Technology Group (ITG) has paid $230 million (€190 million) for the technology firm Macgregor, which was owned in part by Audax Group, Bain Capital and Commonwealth Capital Ventures.
The three private equity firms owned 43 percent of the financial trade order-management firm, investing $32 million in the firm in November 2000. The transaction will be accretive the first quarter of 2006.
ITG is a publicly listed company that provides trade order execution and information to Wall Street clients. ITG shares, which are listed on the New York Stock Exchange, were down 21 cents to $22.98 after the announcement was made Thursday.
“We are responding to the request of our customers to seamlessly integrate execution and order management technologies to create a unique and highly differentiated ‘best-in-class’ solution spanning portfolio management, compliance, execution, operations, analytics and a financial services network,” Ray Killian, the president, chairman and chief executive officer of ITG, said in a statement.
Boston-based Macgregor was found in 1991 and has around 400 clients. The firm also has offices in New York, London and Madrid.
Financial Technology Partners and FTP Securities advised ITG. Bear Stearns advised Macgregor.