Combined Entity Creates an Industry Leading Enterprise Solution for Brokers and Other Market Participants in the Institutional FX Space
Boston, MA – July 11, 2014 – 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 prior to the closing of this deal and Head of Strategy after. “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.
About Boston Technologies Inc.
Boston Technologies, based in Boston, MA, is a world-leading innovator and provider of trading technology and software for institutional and retail brokerage firms trading in foreign exchange and other over-the-counter instruments. Boston Technologies is headquartered in Boston with additional offices in New York, London, Tokyo and Shanghai. We invite you to learn more about Boston Technologies at www.bostontechnologies.com.
About Forexware, LLC
Forexware is a U.S. based software development company specializing in B2B trading applications and FX enterprise solutions. Forexware provides entry-level software products through its FXStarterKit™ package tailored to startup retail brokers or IBs making the transition to become a broker. The firm's TotalBrokerSolution™ is a customizable, enterprise-level product for established brokers in need of enhanced infrastructure technology, advanced dealing desk software, better liquidity streams, or fully branded white label platforms to offer their clients. These scalable solutions provide easy-to-use applications geared towards growing clients' FX business as efficiently and effectively as possible. Forexware Markets is an Australian based, ASIC registered liquidity provider that streams prices from over 15 tier-one banks and non-banks. For more information, please visit www.forexware.com.
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[i] According to The Boston Business Journal