24 Exchange Acquires 11B Technologies
Posted by Colin Lambert. Last updated: July 27, 2021
24 Exchange Bermuda has acquired New York-based 11B Technologies. Financial terms were not disclosed, the two companies have an existing relationship with the tech firm providing software and connectivity solutions for 24 Exchange’s spot and FX swaps platform.
The acquisition includes 11B’s IP and software, in addition, the 11B software development and business support team and its president will join 24 Exchange.
Among its services, 11B provides order, execution and risk management systems for FX spot, swaps, and NDFs, as well as crypto spot and NDFs. It also provides matching engine, CRM and back-office connectivity through FIX API, GUI and mobile interfacesas well as integrations with matching engines located in Equinix data centres in London and New York (LD4 and NY4).
“24 Exchange intends to aggressively expand into additional products such as crypto physical and crypto NDFs,” says Dmitri Galinov, CEO and founder of 24 Exchange. “Our acquisition of 11B provides the ideal technological platform for that expansion. 11B has developed incredible low latency, robust and very scalable software across a range of clients and asset classes. We have been working with the talented 11B team for a long time, and are very happy to welcome them into the 24 Exchange team.”
Eduard Yusupov, president and founding partner of 11B Technologies, adds, “24 Exchange has a unique vision, drive and the expertise needed to seize market opportunities and compete with existing service providers on a global scale. This acquisition creates substantial value and synergy for the shareholders of 24 Exchange. This combination will bring new technology offerings to 24 Exchange customers and help expand market reach and service capabilities.”