Tyler, what was the impetus for Broadway Technology’s recent acquisition of Barracuda FX?
For over 15 years Broadway has been the solution of choice that handles trillions of dollars of fixed-income and foreign-exchange trading for some of the world’s largest financial institutions. As a company that is singularly focused on client success, Broadway is constantly thinking about what our customers need to meet their new regulatory, business, and trading requirements. This acquisition will allow us to bring a new level of focus, maturity and execution to our FX business, accelerate our product enhancement queue, and ensure we deliver continuous innovation across both the FI and FX space.
The market is ripe for the next wave of innovation and in need of a technology provider that understands the price pressures in the FX space, focuses on high-quality, future-proof technology, and delivers superior multi-asset solutions with unmatched service. Today’s premier financial institutions are consistently pressured to upgrade their tech, decrease their vendor commitments and deliver an integrated view across their environment. We recognized that now was the appropriate time to make this investment to help clients meet these challenges. In addition, Broadway and Barracuda FX were introduced by existing clients and are already integrated at several firms, which made this an ideal opportunity for both firms.
How will Barracuda FX’s team and product influence Broadway’s position in the FX market?
The Barracuda FX technology team is among the best in the industry and brings with it a tremendous level of institutional and industry credibility. We are excited to work in concert with them to deliver innovative solutions for the industry and continue to add talent to our team. This is a transformational acquisition and will expand our executive-level focus on FX. Kieran Fitzpatrick and Maurice Curran will remain CEO and COO, respectively, of Barracuda FX, and will also assume senior roles within the Broadway Technology FX division. That means we can accelerate our FX product roadmap plans, improve our technology quality and functionality, and reduce enterprise risk – all without taking any resources away from our core business or our continued focus on innovation in the fixed income space.
The Broadway and Barracuda FX product suites are incredibly synergistic, as are our corporate cultures and focus on employees. We share multiple common clients, but we deliver unique solutions to different parts of our clients’ workflows. We will now be able to more easily meet the needs of our FX client base by offering two product suites and enabling functionality that was not available when we were separate firms.
What are Broadway and Barracuda FX’s plans moving forward?
The future of both Barracuda and Broadway is to deliver innovative, multi-asset solutions and the combination of the two companies will accelerate that plan and guarantee a deeper product set for both current and future clients. For Broadway, it bolsters the FX management team and allows our team to focus on building new, improved solutions across assets. For Barracuda, it opens up access to the world leader in cross-asset FX and fixed income technology and enables the Barracuda FX OMS to become multi-asset in the future.