Houlihan Lokey Advises Barracuda FX
Houlihan Lokey is pleased to announce the sale of Barracuda FX Ltd. (Barracuda) to Broadway Technology. The transaction closed on March 31, 2019.
Barracuda is a global provider of foreign exchange (FX) order management technology. The company was founded in 2009 by CEO Kieran Fitzpatrick and COO Maurice Curran, who will assume senior roles leading Broadway's FX business as Head of FX and Head of FX Operations, respectively, as well as continue to run Barracuda as an independent company.
Broadway Technology is a leading provider of FX and fixed income solutions. The company will use the acquisition to further expand its product suite. This will include creating new multi-asset solutions that will cater to more parts of the investment lifecycle.
Fitzpatrick said, "This is an excellent opportunity to introduce Barracuda's award-winning technology and world-class service to a broader audience. Joining Broadway makes sense for Barracuda and for our clients, many of whom already use both firms for key components in their FX technology stack. Barracuda shares Broadway's vision for the future of front-office trading technology, and we look forward to taking leadership roles and building upon Broadway's remarkable success. We greatly enjoyed working with the Houlihan Lokey team and thank them for their support and commitment throughout the process to deliver a successful outcome for all stakeholders."
Houlihan Lokey served as the exclusive financial advisor to shareholders of Barracuda and assisted in structuring and negotiating the transaction on their behalf. This transaction highlights Houlihan Lokey's long-standing reputation and credentials as a premier advisor within the financial technology sector, following recent transactions including the sale of Defaqto to SimplyBiz Group, Pirum Systems to Bowmark Capital, Compuscan to Experian, TotallyMoney to SEP and Elliott Advisors, Asset Control to Sovereign Capital Partners, Robidus to Aegon, Lombard Risk to Vermeg Group,* Message Automation to Broadridge,* 4sight Financial Software to Broadridge,* and Dynamo to Francisco Partners,* as well as advising FactSet on its acquisition of BISAM.*
*These transactions were closed at Quayle Munro prior to its acquisition by Houlihan Lokey to establish the Data & Analytics Group.