Friday, September 5, 2014

ICE Buys SuperDerivatives for $350 million

Financial Times reporting this morning that transatlantic exchange and clearing house operator ICE (Intercontinental Exchange, NYSE:ICE) has agreed in principle to acquire SuperDerivatives, an Israeli-based financial data and analytics provider.

SuperDerivatives provides data and analytics on OTC derivatives, but also has a chat platform similar to the one used on Bloomberg terminals. The company employs about 250 people, and is still managed by founder Dudi Gershon.

The company’s investors include Israeli VCs Pitango and Accel. According to IVC, SuperDerivatives revenues are about $150 million annually. The move would be seen as part of ICE’s strategy to penetrate the lucrative financial information market. ICE will pay 350 million, with the deal announcement coming as early as later today.

Said Jeffrey C. Sprecher, ICE Chairman and CEO: “SuperDerivatives is an innovative developer of valuable derivatives data and technology, and will play a key role in extending our financial market clearing and data capabilities. We already work with SuperDerivatives in our existing businesses and we look forward to extending that work with the global SuperDerivatives team as we grow our risk management services across our global exchanges and clearing houses.”

David Gershon, SuperDerivatives Chairman and CEO added: “Over the past few years ICE has taken the lead in shaping the evolution of the financial markets. We strongly believe that with the data, technology and the broad suite of products SuperDerivatives offers there are great benefits we can deliver to the market including efficiency, transparency and innovation. We believe that joining with ICE opens a tremendous opportunity for us to deliver our innovative products and services across the globe.”

Said Scott A. Hill, ICE Chief Financial Officer: “We are pleased to continue our strategic growth plans with the acquisition of SuperDerivatives. Our ability to make growth-oriented investments while continuing our share repurchases is a testament to the strength of the cash generation of our diverse, global business model.”

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