LSEG Eyes Digital Assets with Tora Acquisition
Posted by Colin Lambert. Last updated: February 22, 2022
The London Stock Exchange Group (LSEG) has agreed to acquire Tora, a cloud-based trading technology provider for $325 million.
Founded in 2004, Tora offers trading technology solutions, including an order and execution management system (OEMS) and portfolio management system (PMS) for customers trading equities, fixed income, FX, derivatives and digital assets. LSEG says the addition of digital assets to its trading capabilities strengthens its presence in this rapidly expanding asset class, at a time when institutional market participants are increasing exposure to crypto and other digital assets.
It adds the transaction will further enhance the global footprint of LSEG’s Trading & Banking Solutions business, with Tora’s established presence in Asia and North America and operations in Europe. It will enable LSEG’s customers to benefit from a differentiated trading solution that combines the multi-asset class capabilities of Tora’s software with the LSEG’s data and analytics services. Following completion, Tora will be part of the Data & Analytics division.
“This transaction is an important extension of our global trading business,” says Dean Berry, group head of trading & banking solutions, LSEG. “Acquiring Tora will enable LSEG to deliver critical “at trade” capabilities for the buy side, seamlessly connecting into our next generation desktop workspace.”
Robert Dykes, CEO, Tora, adds, “We see this combination as an incredible opportunity to create additional value for clients. Bringing together Tora’s compelling trading solution with LSEG’s wealth of data has the potential to create a powerful toolkit for our customers, enabling them to trade more efficiently. I’m confident that by collaborating with the wider data & analytics team, we will innovate further and continue to deliver best-in-class solutions for our customers.”
