ICON has advised the shareholders of Anvil Software Ltd on its sale to ION Trading, the terms of the sale were not disclosed.
Anvil Software Limited, which was founded in 1988, is a market leader in software solutions for the financial markets – in particular repo trading and securities lending. Anvil provides front and middle-office systems and consultancy services to financial services firms including ABN Amro, Barclays Capital, Fortis, ING Financial Markets, Rabobank, Royal Bank of Canada and Wachovia Securities and has offices in London, New York, Toronto, Sydney and Malta.
ION Trading is a global leader in providing technology that allows clients to integrate and successfully manage trading activities in electronic fixed-income markets. ION is a private company headquartered in Dublin with offices in London, New York, Tokyo, Madrid, Pisa, Frankfurt and New Delhi.
“This acquisition enhances ION’s position as one of the world’s leading providers of trading solutions,” said Kenneth T. Schiciano, a Managing Director at TA Associates and a member of ION’s Board of Directors. TA Associates is one of the largest private equity firms, managing over $6 billion. TA invested €35 million ($44 million) in ION in June 2004.
Joe Nicholson, MD of Anvil Software, who will remain as MD of the acquired business and join the ION management team commented: “We were very impressed with our advisers, ICON Corporate Finance, they created competitive tension and as a result we received offers from several overseas acquirers. This boosted our negotiating position and added significantly to the value of the deal.”
Brian Parker, Head of M&A at ICON commented: “The terms offered by ION and the good cultural, geographic and strategic fit provides an attractive transaction for stakeholders, but importantly it also provides an opportunity for the management and employees to be part of a vibrant larger business going forward”. Brian also added:“With four of our last five exit mandates being acquired by overseas acquirers this again demonstrates our global reach”.