Tradeweb Buys Money-Market Fund Portal ICD for $785 Million (1)

Tradeweb Markets Inc. has struck an agreement to buy investment-technology provider Institutional Cash Distributors 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 portals that works with about 500 corporate treasury organizations.

Billy Hult

Source: Tradeweb

It’s the third acquisition the company has made since the start of 2023, when Billy Hult took over as the chief executive officer. ...