London Stock Exchange to Buy Cloud Tech Provider TORA for £239m

Following completion of the deal, TORA will be part of LSEG’s Data & Analytics division.

London Stock Exchange Group (LSEG) will acquire cloud-based technology provider TORA for $325 million (£239 million) to boost its buy side and digital asset interests.

Founded in 2004, TORA – which is the Japanese word for ‘tiger’ – offers trading technology solutions. It is headquartered in California and has offices in New York, Jersey, Romania, Singapore, Hong Kong, Tokyo and Sydney.

LSEG will get its hands on an order and execution management system (OEMS) and portfolio management system (PMS) for customers trading equities, fixed income, FX, derivatives and digital assets.

The addition of digital assets to LSEG’s trading capabilities “strengthens its presence in this rapidly expanding asset class, at a time when institutional market participants are increasing exposure to crypto and other digital assets”.

Dean Berry, Group Head of Trading & Banking Solutions, LSEG, notes: “Acquiring TORA will enable LSEG to deliver critical ‘at trade’ capabilities for the buy side, seamlessly connecting into our next generation desktop Workspace.”

Andrea Remyn Stone, Group Head, Data & Analytics LSEG, adds: “This acquisition is a great example of LSEG’s strategy to provide customers with a global, multi-asset class financial infrastructure that operates across the capital markets and investment lifecycle as an open ecosystem.”

LSEG is naturally looking to help its Trading & Banking Solutions business, and reckons it will benefit from TORA’s presence in Asia & North America and operations in Europe.

Following completion of the deal, TORA will be part of LSEG’s Data & Analytics division.

It’s not clear if there are any job cuts or changes as part of the acquisition. TORA has 270 employees listed on LinkedIn. According to Crunchbase, TORA has picked up $36.4 million (£27 million) in funding to date.

The acquisition is expected to close in H2 2022, subject to regulatory approvals.

The UK has featured highly in TORA’s interests. In September 2021, TORA announced the “significant” expansion of its UK presence with a London office and new hires Peter Rank and Chris Hopton.

In other news, LSEG announced in December 2021 it will buy Quantile Group, a provider of portfolio optimisation services for financial markets, for £274 million.

As part of LSEG, London-based Quantile will operate as a standalone entity within its Post Trade division, reporting to Daniel Maguire, LSEG’s Group Head of Post Trade. Quantile will continue to be led by its CEO and co-founder, Andrew Williams.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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