Charles Russell Speechlys advises on sale of DealHub
Charles Russell Speechlys has advised the shareholders of Option Computers Limited ("OCL") on the sale of the company to Markit for an undisclosed sum.
OCL is a leading provider of trade processing and trading services to the foreign exchange market through its flagship product, 'DealHub', which uses low latency, high throughput solutions to cover the complete trading lifecycle across all FX business functions.
DealHub’s customers include global banks, regional banks, interdealer brokers, FX electronic trading venues and asset managers. The company has approximately 55 people based primarily in London, with additional offices in New York and Singapore.
Markit (Nasdaq: MRKT) is a leading global provider of financial information services. The acquisition will enable Markit to offer customers a comprehensive solution for FX across venue connectivity, trading services, trade confirmation and management, clearing and regulatory reporting.
It will also expand Markit’s customer base among banks, brokers and asset managers in the FX markets.
Peter Kriskinans, founder and chief executive officer of DealHub, said: "We are excited about joining Markit since our businesses are so complementary. Markit’s scale and global reach will allow us to better support our customers and will also accelerate innovation and further development of our technology.
"We couldn’t have asked for better legal assistance with the deal. The team at Charles Russell Speechlys were clearly experts in the field and their personal approach was something I particularly valued".
The Charles Russell Speechlys team was led by Corporate Partner David Berry with assistance from Corporate Associates Jaspal Sekhon and Shilpa Dougall and Commercial Associate Tanya Wilkie.
Teams from Commercial (Jaclyn Wilkins and Christopher Birch), Corporate Tax (Martin Griffiths, James Meakin and Alison Stagg), Employment (Becky Lawton), Pensions (Lee Colgate) and Real Estate (Ben Ward) also provided support.
Commenting on the deal, David Berry said: "We have acted for OCL since 1997 and we are delighted to have advised its shareholders on this exciting deal. This was a complex transaction across several jurisdictions and which demonstrated our extensive knowledge of the technology sector – particularly fintech – alongside our corporate transactional capability.
"As one of only a handful of major international law firms which combine a leading private wealth practice with a significant business law capacity, this was also a great example of being able to provide joined-up business and personal advice to business owners".
Grant Thornton provided corporate finance advice to the sellers. Markit was advised by Gibson, Dunn & Crutcher LLP.
News & Insights
Compliance newsletter - February 2018
Our seasonal round-up of Compliance related issues.
ENRC granted permission to appeal High Court decision with far reaching ramifications for privilege in internal investigations
We look at the two most impactful changes in the Bribery and Corruption sector in 2017.
Uber data breach highlights notification obligations and GDPR impact
The incident provides a useful reminder of the current laws and imminent changes relating to data breaches.