Aquis Exchange PLC on Monday said that it has acquired a minority stake in OptimX Markets Inc, a US-based financial services start-up focused on the block trading market.
The London-based exchange services company made the investment as part of a consortium, which also includes DB1 Ventures, the venture capital arm of Deutsche Boerse Group.
According to the terms of the acquisition, Aquis will subscribe $750,000 out of a total first tranche of $3.0 million, payable in cash. This will be followed by a second tranche in 12 months of a further $750,000 out of a total $3.0 million, payable in cash.
The pre-money valuation of the first tranche was $10 million, while the valuation for the second tranche will be finalised at the date of investment.
It is expected that Jonathan Clelland, the chief operating officer of Aquis, will join OptimX’s board as a non-executive director in due course. OptimX is a new venture and so has not yet generated any profits or losses.
‘The investment in OptimX is a significant opportunity for Aquis, adding additional connectivity to our successful dark pool (the Aquis Matching Pool) and providing clients with the ability to cross large blocks. This alongside Aquis’s growing functionality will further enhance the range of execution options available to our members,’ said Aquis Chief Executive Officer Alasdair Haynes.
Aquis Exchange shares were trading 0.7% lower at 382.20 pence each in London on Monday afternoon.
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