Tradeweb Markets Inc. has struck an agreement to buy investment-technology provider Institutional Cash Distributors (ICD) as it seeks growth beyond its core rates-trading business.
The electronic-trading platform, long known for its fixed-income offerings, will pay $785 million in its biggest acquisition yet, according to a statement, which confirmed an earlier Bloomberg report. The deal will give Tradeweb access to one of the largest U.S. institutional money-market fund (MMF) portals, which works with about 500 corporate treasury organizations.
It's the third acquisition Tradeweb has made since the start of 2023, when Billy Hult took over as the CEO. While the rates business still accounts for half its revenue, the company has sought to embrace different asset classes as it seeks to refashion itself as a one-stop trading shop.
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