Gil Mandelzis
Traiana Software sold to ICAP for $247 million
Company's online services system considered benchmark in foreign currency trading. ICAP – largest interdealer broker in the world
Gil Mandelzis' Traiana Software has been sold to the British ICAP Group for $247 million, Ynet has learned.
Formed in 2000, Traiana develops multiparty foreign currency trading systems and post-trade processing systems for financial institutions such as banks, hedge funds and institutional investors dealing with large-scope international financial products.
ICAP is an electronic interdealer broker, which provides specialist intermediary brokerage services to trading professionals in the wholesale financial markets. This is ICAP's first acquisition in Israel.
Traiana's "harmony on-line services system", is considered a benchmark in foreign currency trading systems and is used by 50 of the world's leading banks. The service is said to process transactions amounting to hundreds of billions of dollars a day.
ICAP is traded on London's FTSE-100 under an estimated market value of $7 billion. The largest interdealer broker in the world, the company handles transactions amounting to about $1.5 trillion a day.
"Being associated with ICAP will allow Traiana to expand its hold in the international market. We are very excited to write the next chapter in Traiana's history," Mandelzis told Ynet.
Traiana's revenue for 2007 is estimated at $15 million.
