Houlihan Lokey Advises OpenGamma

Houlihan Lokey is pleased to announce that OpenGamma, Inc., a market leader in margin and capital optimization analytics for buyside and sellside clients, has been acquired by Trading Technologies (TT), a Thoma Bravo and 7RIDGE portfolio company and a global capital markets technology platform services provider. The transaction was simultaneously signed and closed on December 16, 2025.

Terms of the transaction were not disclosed.

OpenGamma is a derivatives margin analytics firm with unparalleled expertise in over-the-counter (OTC) and exchange-traded derivatives (ETD) margin methodologies. Its teams bring together a unique mix of practitioner, quantitative, and software engineering expertise. Today, OpenGamma is trusted by the largest and most sophisticated global banks and fund managers, with thousands of users depending on its analytics. OpenGamma has been backed by Accel, CME Ventures, Dawn Capital, Allianz X, and Cristóbal Conde.

TT is a global capital markets platform services company providing market-leading technology for the end-to-end trading operations of Tier 1 banks, brokerages, money managers, hedge funds, proprietary traders, commodity trading advisors (CTAs), commercial hedgers, and risk managers. With its roots in listed derivatives, the software-as-a-service (SaaS) company delivers “multi-X” solutions, with “X” representing asset classes, functions, workflows, and geographies. This multi-X approach features trade execution services across futures and options, fixed income, foreign exchange (FX), and cryptocurrencies augmented by solutions for data and analytics, including transaction cost analysis (TCA); quantitative trading; compliance and trade surveillance; clearing and post-trade allocation; and infrastructure services. The award-winning TT platform ecosystem also helps exchanges deliver innovative solutions to their market participants and technology companies to distribute their complementary offerings to TT’s clients.

OpenGamma’s platform boasts a significant footprint, with top-tier clients across hedge funds, commodities trading firms, and sellside banks. TT will leverage OpenGamma’s strong client relationships to accelerate its opportunities in the hedge fund and energy sectors, while TT’s extensive network will provide OpenGamma with access to a larger pool of sellside bank clients. The integration of OpenGamma’s sophisticated margin optimization and capital efficiency tools directly into the TT platform will allow for automated trading and position transfer workflows that reduce risk and increase efficiency, and will significantly enhance TT’s multi-asset platform.

Houlihan Lokey served as the exclusive financial advisor to OpenGamma.

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