News: Broadway Technology Acquires Barracuda FX, Bolsters Senior FX Team02 April 2019 | Bill Hodgson
Broadway Technology, a leading provider of high-performance fixed income and foreign exchange solutions, today announced it has acquired 100% of Barracuda FX, a global provider of FX order management technology. With this acquisition, Broadway will continue to expand its product suite and deliver its multi-asset solutions across more parts of the investment lifecycle while allowing clients to automate additional workflows.
Broadway will retain the full Barracuda FX team, and Barracuda FX will continue to operate as an independent company run by Kieran Fitzpatrick, CEO, and Maurice Curran, COO. Both executives will also assume senior roles leading Broadway’s FX business, as Head of FX and Head of FX Operations. Broadway will continue to offer Barracuda FX on a standalone basis, with no impact to any existing Barracuda integrations.
“Broadway is constantly thinking about what our customers need to meet new business, trading, and regulatory requirements. With this acquisition, we are continuing to invest in our ability to deliver a full- stack, multi-asset front-office platform that helps them meet these challenges,” said Tyler Moeller, CEO, Broadway Technology. “This is a transformational acquisition and Broadway is excited to welcome the full Barracuda technology team. They are among the best in the industry and represent a tremendous level of institutional and industry credibility, and we are excited to work with them and deliver both of our award-winning solutions side-by side.”
“We’re thrilled for Kieran and Maurice to bring their years of FX experience and customer-centric focus to Broadway and assume responsibility for running our newly combined FX business,” Moeller continued. “2018 was a year of explosive growth for us, and Broadway is entering the next chapter of its evolution. This management expansion enables us to continue leading innovation in both FX and Fixed Income on our unified multi-asset platform, while focusing on each segment as its own distinct market with unique structures, business needs, and customer demands.”
Barracuda FX customers will benefit from Broadway’s 15-year pedigree as the solution of choice that handles trillions of dollars of fixed-income and foreign exchange trading for many of the world’s largest financial institutions. The combination of the two companies will ensure an enhanced executive-level focus on FX and accelerated product roadmaps for clients who want to expand across asset classes. Barracuda clients can also take advantage of Broadways’ outsourced hosting capabilities and future integration with their suite of products. The combined client base of the companies now includes 50% of the top global 50 banks.
“This is an excellent opportunity to introduce Barracuda’s award-winning technology and world-class service to a broader audience,” said Kieran Fitzpatrick, CEO, Barracuda FX. “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.’’
“Today’s FX marketplace is increasingly fragmented and financial institutions need trusted partners that can help them manage FX price pressures, deliver future-proof technology and offer proven service quality,” said Sang Lee, co-founder and managing partner, Aite Group. “Broadway and Barracuda present a winning combination to help firms meet these challenges, expand into multiple asset classes and deliver an integrated view across their environment. “