Virtu Financial Acquires Select Strategic Telco Assets from Teza Technologies11.29.2016
Virtu Financial – NEW YORK – Virtu Financial (NASDAQ:VIRT) announced today its agreement to acquire select strategic telecommunications assets from Teza Technologies, a science and technology-driven global trading firm.
“This transaction supplements Virtu’s core infrastructure while furthering Virtu’s mission to provide attractive liquidity and market making services to the global financial markets in a cost effective manner,” said Douglas A. Cifu, Chief Executive Officer of Virtu.
“We are pleased that the telecommunication networks developed by Teza are a strategic fit for Virtu’s business, and we look forward to the further development of other proprietary technologies as we focus on Teza’s investment management business,” said Misha Malyshev, Chief Executive Officer of Teza.
In connection with the transaction, key telecommunications personnel from Teza will join Virtu’s technology and infrastructure team. The closing of the transaction is subject to customary conditions, including regulatory approval.
Terms of the transaction were not disclosed.
About Virtu Financial, Inc.: Virtu is a leading technology-enabled market maker and liquidity provider to the global financial markets. We stand ready, at any time, to buy or sell a broad range of securities, and we generate revenue by buying and selling large volumes of securities and other financial instruments and earning small amounts of money based on the difference between what buyers are willing to pay and what sellers are willing to accept, which we refer to as “bid/ask spreads.” We make markets by providing quotations to buyers and sellers in more than 12,000 securities and other financial instruments on more than 235 unique exchanges, markets and liquidity pools in 36 countries around the world. We believe that our broad diversification, in combination with our proprietary technology platform and low-cost structure, enables us to facilitate risk transfer between global capital markets participants by supplying liquidity and competitive pricing while at the same time earning attractive margins and returns.
Cautionary Note Regarding Forward-Looking Statements
The foregoing information contains certain forward-looking statements that reflect the company’s current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the company’s operations and business environment which may cause the company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the company on the date of this release. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the company’s financial results may be found in the company’s filings with the Securities and Exchange Commission.
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The transaction is expected to close in the third quarter of 2018.