As first reported last week at LeapRate, the Boston Technologies and Forexware merger became official on Friday. Still no word, however, from CFH and former BT co-founder Kevin Millien at to whether or not they will fight the merger, or if they are somehow participating in it.
The following is the text of the official joint BT-Forexware press release:
Boston Technologies and Forexware Announce Business Merger
Combined Entity Creates an Industry Leading Enterprise Solution for Brokers and Other Market Participants in the Institutional FX Space
BOSTON, July 11, 2014 /PRNewswire/ — Forexware, LLC and Boston Technologies, Inc. today announced a merger of their two business operations. The new company combines Boston Technologies, a leading provider of financial technology and one of the fastest growing companies in Boston[i] with Forexware, a leading provider of end-to-end forex (FX) software solutions to financial institutions, brokerages and money managers around the world. The new company will operate under the brand of Boston Technologies Powered by Forexware with an expanded and improved suite of products and technology solutions.
A recognized innovator in the FX industry, Boston Technologies is credited with launching the first commercial MT4 Bridge in 2007 and introducing the Start Your Own Brokerage package in 2009. Forexware is an established software developer for enterprising trading applications in the FX space.
Focused exclusively on institutional FX business, the new company will leverage the technology infrastructure, operations and talent of both companies to enhance its market positioning and provide more value to clients. Moreover, combining forces will allow the companies to gain greater bargaining power and attain more cost efficiencies in the fields of global datacenter and networking coverage costs, prime brokerage fees and other fixed costs. Clients on both sides are expected to benefit from these synergies.
As a result of this partnership, customers will enjoy powerful new capabilities from the combined portfolio of products and services offered by both Boston Technologies and Forexware. In addition, clients will benefit from an exciting array of additional products, features, deepened liquidity and an expanded risk management suite. They will also gain access to more educational resources, technical expertise and a deeper customer service operation.
“Our primary focus remains squarely on our customers,” said George Popescu, CEO of Boston Technologies. “We want to be sure that our customers receive the ideal blend of liquidity and technology that will allow them to remain highly competitive in the marketplace. We expect the combined entity to continue to grow at an impressive rate, enjoying the consolidated expertise of both firms. The servers, products, feeds, prices and customer service teams will remain the same and clients can expect the same level of superior service they’ve grown accustomed to,” said Mr. Popescu.
“Forexware has an outstanding risk management suite and order management system that allows for larger FX brokers and other FX institutions to manage risk,” said Emil Assentato, chairman and CEO of Currency Mountain Holdings, LLC, the parent company of Forexware. “To better serve our customers, we plan to use the combined resources of Boston Technologies and Forexware to provide a better experience. All of these enrichments and enhancements will be passed on to our clients,” said Mr. Assentato.
The financial terms of the transaction were not disclosed. Morgan Partners LLC served as exclusive financial advisor to Forexware, LLC.