(Reuters) – Digital trading platform Tradeweb Markets said on Monday it would buy investment technology firm Institutional Cash Distributors (ICD) for $785 million.
The deal will allow Tradeweb to expand its presence in the institutional trading market, which ICD caters to, and is expected to boost earnings in the first 12 months after the acquisition closes.
Tradeweb will finance the deal with cash on hand, it said.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Mrigank Dhaniwala)