Bloomberg has agreed to buy Broadway Technology, a provider of front-office tech to the sell-side. Financial terms were not disclosed.
Bloomberg says the acquisition will enable it to provide a low latency execution management offering optimised for rates trading, and deliver further innovations in multi-asset software.
“Broadway’s best in breed fixed income market making software will fill a gap in our product portfolio, enabling customers to interact with the market with more speed and agility,” says Ben Macdonald, global head, enterprise products, Bloomberg.
Bloomberg has snapped up the business about two years after Broadway was split in order to appease the UK's competition watchdog and secure an acquisition of the rest of the company by ION Group.
At the time, ION sold Broadway’s fixed income business including the underlying software and the brand to a buyer consortium led by Broadway’s CEO.