Trumid to Acquire Fellow All-To-All Bond Trading Platform Electronifie

Mar 22 2017 | 8:20pm ET

Credit market technology specialist Trumid has inked a definitive agreement to acquire next-generation bond trading start-up Electronifie.

The acquisition will increase the size and diversity of the Trumid user network, as well as strengthen Trumid’s team and technology offering, the company said in a statement. 

Terms of the acquisition, which is subject to customary closing conditions and regulatory approvals, were not released. Closing is expected early in the second quarter of this year. 

Once completed, the transaction will result in more than 350 institutions on board Trumid’s Market Center, the company’s all-to-all trading network for corporate bonds. This includes 20 of the top 25 asset managers in the world and 60 broker-dealers, Trumid said. 

“We pride ourselves on building a strong user network and delivering great products that make corporate bond trading easier,” said Mike Sobel, president of Trumid, in the statement. “The Electronifie team shares that vision and the combination of our networks will enhance the all-to-all liquidity available on the Trumid platform.”

Electronifie, founded by former Goldman Sachs credit trader Amar Kuchinad in 2014, created an all-to-all, non-attributed electronic exchange for institutional bond trading that provides clients with a way to electronically trade bonds quickly and in size while simultaneously limiting information leakage. The company was profiled on FINalternatives in May 2016. 

Trumid recently raised $28 million in a Series C investment round, with participation from existing lead investors as well as from new partner CreditEase Fintech Investment Fund. With this capital, Trumid will continue to proactively grow and improve its offering, including its data science effort Trumid Labs, expansion of its salesforce, and development of new products, the company said. 

New York-based Trumid was founded in 2014 and backed in earlier investment rounds by Shumway Capital, Peter Theil and George Soros. The firm’s Market Center product offers an all-to-all electronic trading and market intelligence platform, with direct access to anonymous liquidity, corporate bond market professionals. 

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