Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic marketplaces for rates, credit, equities, and money markets, has finalized its $785 million acquisition of Institutional Cash Distributors (ICD), an investment technology provider for corporate treasury organizations trading short-term investments. This all-cash transaction, initially announced in April 2024, is set to significantly enhance Tradeweb’s service offerings.
The acquisition introduces corporate treasury professionals as a new client channel, complementing Tradeweb’s existing focus on institutional, wholesale, and retail clients. This move opens up access to a $2+ billion addressable market. Tradeweb anticipates that the acquisition will be accretive to its adjusted earnings per share within the next 12 months.
Tradeweb CEO Billy Hult expressed enthusiasm about the acquisition, highlighting the growth opportunities and the ability to provide corporate treasurers with enhanced access to global fixed income markets through ICD’s technology. Hult emphasized that the integration would enable corporates to optimize yield and manage liquidity needs more effectively.
ICD, one of the largest U.S. institutional money market fund portals, serves over 500 corporate treasury organizations, including approximately 17% of the S&P 100, across 65 industries in more than 45 countries.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a global operator of electronic marketplaces for a variety of financial products. Founded in 1996, Tradeweb provides market access, data and analytics, electronic trading, straight-through-processing, and reporting for more than 50 products to clients in institutional, wholesale, retail, and corporate markets. The company operates in over 70 countries, facilitating more than $1.7 trillion in notional value traded per day on average over the past four quarters. For more information, visit www.tradeweb.com.
Forward-Looking Statements
This release contains forward-looking statements regarding the potential benefits of the acquisition, expectations, and future performance of Tradeweb and ICD. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Tradeweb undertakes no obligation to update these statements except as required by law.
Market and Industry Data
This press release includes estimates and data based on management’s knowledge and experience, as well as information from various sources including ICD and public reports. While considered reliable, Tradeweb does not guarantee the accuracy or completeness of this information.
