Aquis Exchange takes stake in US trading start-up
Summary
Aquis Exchange PLC (AIM:AQX) has acquired a minority stake in OptimX Markets, a US-based financial services start-up focused on the block trading market.OptimXs technology offers investment banks, brokers and institutions the opportunity to find additional matches for order flow such as dark pools.Aquis, which will combine OptimXs platform with its own technology suite, is acquiring the stake as part of a consortium that includes DB1 Ventures, the venture capital arm of Deutsche Boerse.The investment is split into two tranches: Aquis will subscribe US$0.75 million out of a total first tranche of US$3 million, payable in cash, followed by a second tranche in 12 months of a further US$0.75 million out of a total $3 million, payable in cash.The pre-money valuation of the first tranche was US$10 million and the valuation for the second tranche will be finalised at the date of investment.Jonathan Clelland, chief operating officer of Aquis, is expected to join the board of OptimX as a non-executive director in due course.Alasdair Haynes, Aquis chief executive, said: "The investment in OptimX is a significant opportunity for Aquis, adding additional connectivity to our successful dark pool (the Aquis Matching Pool) and providing clients with the ability to cross large blocks.