UK financial services provider ICAP plc (LSE:IAP) has completed its acquisition of Israeli start-up Traiana Inc. for $247 million.
Traiana, founded in 2000 by CEO Gil Mandelzis and Shai Sole, develops software products for the financial industry, specifically the automation of procedures previously carried out manually. The company's products process and clear transactions between financial institutions, such as banks, brokerages, hedge funds, and institutional investors.
Traiana raised $42.5 million from Pitango Venture Capital, Gemini Israel Funds, Sequoia Capital, Evergreen Venture Partners, Eastman Ventures, and other investors.
ICAP is listed on the FTSE 100 index. Its share has risen 20% since announcing its acquisition of Traiana in October, giving a market cap of $8.4 billion. The company handles $1.5 trillion in financial transactions a day.
Published by Globes [online], Israel business news - www.globes-online.com - on December 5, 2007
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