Zodia Markets Buys Crypto Market Maker Elwood
Posted by Colin Lambert. Last updated: July 18, 2024
Zodia Markets has agreed to acquire rival Elwood Capital Management (ECM), Elwood’s Jersey-based digital asset OTC trading business to create an entity named Zodia Markets Jersey.
Elwood says the sale reflects its “ongoing commitment to focus on and enhance its institutional-grade SaaS products and services”. These include an execution management system, and a portfolio and risk management system (“PMS”).
The acquisition by Zodia Markets, which runs businesses registered by the UK’s FCA, Central Bank of Ireland, and approved in principle in Abu Dhabi Global Market, marks another significant step in the firm’s ongoing expansion strategy, it says, adding it also solidifies its regulated presence, enabling enhanced services to institutional clients.
“This sale marks an important new chapter for Elwood and strengthens our position as a leading provider of execution and portfolio management software for global institutions that trade and manage digital assets,” says Chris Lawn, CEO of Elwood. “The sale of our OTC trading business supports Elwood’s strategic plan to build a world-class end-to-end EMS and PMS software platform and allows us to fully dedicate our resources to the SaaS business. In line with our vision, Elwood has been investing heavily in our software platform and we recently completed the build-out and integration of our new PMS with advanced capabilities.”
Usman Ahmad, co-founder and CEO of Zodia Markets, adds, “This acquisition is a significant progression to create greater diversification in our service offering and footprint, enabling scale and accelerating product capability. Building on our exceptional growth in the first half of the year, we are well-positioned to further capitalise on the global institutional demand for digital asset solutions.
“Acquiring a successful, established business with a similar regulatory-first mindset allows us to extend our offering to the clients we will welcome and provide our existing clients with a broader suite of capabilities and value,” he continues.
