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
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
Category Company
Founded 1996
Sector Financial Services
Employees1,179
Revenue 1.3B USD (2023)
DESCRIPTION

Tradeweb Markets is building and operating electronic over-the-counter marketplaces. Tradeweb offers institutional, wholesale and retail market participants unparalleled liquidity, advanced technology and a broad range of data solutions that deliver better price discovery, order execution and trade workflows 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

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) 5 of 5
Country (United States) 34 of 34
Year (2024) 1 of 1
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-21 Titan Wealth

London, Virginia, United Kingdom

Titan Wealth is a comprehensive Wealth Planning Firm. Titan provides clients with both personal and professional service. Titan offers Investment Advisory Service, Retirement Planning, Estate Planning, Education Planning, Tax Planning, and Insurance Planning utilizing specialized investment products and strategies. Titan Wealth is based in London, United Kingdom.

Buy -
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