THETRADETECH DAILY news
THE OFFICIAL NEWSPAPER OF TRADETECH 2021
Technology
Sell-side
Goldman Sachs unveils plan to open tech hub in Birmingham
Broadridge secures deal to acquire Itiviti for $ 2.5 billion
ITIVITI SERVES 24 GLOBAL INVESTMENT BANKS AND OVER 2,000 BROKERS , TRADING FIRMS AND ASSET MANAGERS IN 50 COUNTRIES .
Broadridge Financial Solutions is set to acquire trading technology provider Itiviti in a $ 2.5 billion deal that will expand its capital markets business and global footprint .
The FinTech firm has entered into a definitive agreement for the all-cash acquisition that is expected to close in the fourth quarter this year , subject to regulatory approval .
The move will expand Broadridge ’ s front-office capabilities and increase its multi-asset offering with Itiviti ’ s trade order and execution management systems , FIX connectivity and network services . It will also allow Broadridge to expand outside of the US , with a presence in both Asia-Pacific and Europe , the Middle East and Africa .
“ Joining Broadridge represents an exciting next chapter for our business and team by creating a leading front-to-back capital markets technol- ogy and operations provider ,” said Rob Mackay , chief executive officer at Itiviti .
“ The combination of our technology , solutions and people will unlock significant value for our clients and drive long-term growth for our combined business .”
Itiviti has 16 offices globally , providing technology to 24 of the top 25 investment banks and more than 2,000 brokers , asset managers and trading firms . In December , the firm outlined plans for a rapid expansion , including the hiring of at least 200 new staff across its research and development , quality assurance and client servicing divisions .
Upon closure of the deal , Itiviti will become part of the global technology and operations segment at Broadridge . Itiviti ’ s senior management , including Mackay , will remain at the company to drive future growth .
NEW OFFICE IN BIRMINGHAM AT GOLDMAN SACHS WILL HAVE HUNDREDS OF STAFF ACROSS SEVERAL TECHNOLOGY DIVISIONS , STARTING WITH ENGINEERING .
US investment bank Goldman Sachs has said it will establish a new office in Birmingham in the UK later this year focused on technology and engineering .
Goldman Sachs expects to have several hundred staff across several divisions based in the Birmingham office over time as part of its expansion in the UK , including a mix of new hires and existing employee transfers .
Engineering will be the first division in the new office , which the bank said it intends to open in the third quarter this year .
Goldman Sachs stated Birmingham will provide it with access to a new talent pool and STEM ( science , technology , engineering , and mathematics ) industries to build out its new hub . The city ’ s proximity to London will also help the bank stay connected to clients and other divisions .
“ Establishing a new office in Birmingham will diversify our UK footprint and give us access to a broad and deep talent pool in the local area ,” Richard Gnodde , CEO of Goldman Sachs International , commented . “ We see tremendous opportunity to enhance our UK presence and continue delivering for our global clients .”
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