M&A Deal Summary

Tradeweb Markets Acquires ICD

On April 8, 2024, Tradeweb Markets acquired software company ICD from Parthenon Capital for 785M USD

Acquisition Highlights
  • This is Tradeweb Markets’ 2nd transaction in the Software sector.
  • This is Tradeweb Markets’ largest (disclosed) transaction.
  • This is Tradeweb Markets’ 5th transaction in the United States.
  • This is Tradeweb Markets’ 2nd transaction in California.

M&A Deal Summary
Date 2024-04-08
Target ICD
Sector Software
Buyer(s) Tradeweb Markets
Sellers(s) Parthenon Capital
Deal Type Add-on Acquisition
Deal Value 785M USD

Target

ICD

San Francisco, California, United States
website
ICD is an institutional trading and investment risk management. ICD's next-generation Software-as-a-Service portal, best practices methodologies and award-winning transparency plus exposure analytics, support corporate treasury with end-to-end solutions. The ICD Global Trade Desk provides expert service out of its Boston offices. ICD was founded in 2003 and is based in San Francisco, California.

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Buyer(S) 1

Buyer

Tradeweb Markets

New York, New York, United States

website

Category Company
Founded 1996
Sector Financial Services
Employees1,091
Revenue 1.2B USD (2022)
DESCRIPTION

Tradeweb Markets is a world leader in building and operating electronic over-the-counter marketplaces. Since 1998 the company has helped transform the way that business gets done in the fixed income and derivatives markets. Tradeweb’s position as the hub of electronic trading in fixed income and derivatives business has been made possible through a longstanding partnership with the industry. Tradeweb Markets was founded in 1996 and is based in New York, New York.

DEAL STATS #
Overall 6 of 6
Sector (Software) 2 of 2
Type (Add-on Acquisition) 5 of 5
State (California) 2 of 2
Country (United States) 5 of 5
Year (2024) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-16 r8fin

Chicago, United States

r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trades.

Buy -

Seller(S) 1

SELLER

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.

DEAL STATS #
Overall 34 of 34
Sector (Software) 2 of 2
Type (Add-on Acquisition) 15 of 15
State (California) 6 of 6
Country (United States) 34 of 34
Year (2024) 1 of 1
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-30 Cherry Bekaert

Richmond, Virginia, United States

Cherry Bekaert is a provider of auditing and accounting services. Cherry Bekaert was founded in 1947 and is based in Richmond, Virginia.

Buy -
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