NEW YORK, Dec. 13, 2010 - ConvergEx Group, a leading technology company, today announced that it has signed a definitive agreement to acquire LDB Consulting, Inc., a company that develops software that assists in the computation and optimization of capital charges, including security haircuts and margins. Founded in 1987, LDB's software suite performs various calculations, including: optimized charges for equities, listed derivatives, baskets and OTCs; portfolio margining; and haircuts for fixed income asset types. LDB's software also calculates repurchase and reverse repurchase agreement charges, taking advantage of allowable relief.
Financial terms were not disclosed. The deal is expected to close on or before December 31, 2010.
"LDB is the undisputed leader in the development of this critical software, making this acquisition an ideal addition to ConvergEx," said Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. "We are tremendously committed to LDB's products, both as stand-alone technologies and as tools to enhance a number of ConvergEx's existing platforms."
"The talented employees at LDB are recognized experts with a long history of risk and margining experience," said Anthony Saliba, chief executive officer of ConvergEx's LiquidPoint. "We are thrilled to welcome them to the team."
"The opportunity to combine with a dominant force such as ConvergEx allows LDB to continue serving its clients with enhanced and improved products in the regulatory capital area," said Len Bole, president of LDB Consulting. "The potential for joint development bodes well for the continued improvement of our offerings."
ConvergEx is a leading technology company providing products and services to asset managers and financial intermediaries globally. Its products and services span the investment life cycle and center on the development, marketing and servicing of technology-based solutions that enable clients to achieve improved investment results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves more than 6,000 institutional clients in 100 global markets. Formed in 2006, the firm has over 1,000 employees in 22 locations throughout the U.S., Europe, Asia, Australia and Africa.
BNY ConvergEx Group, LLC is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), LiquidPoint, LLC (member CBOE/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member FINRA/SIPC); NorthPoint Trading Partners, LLC (member FINRA/SIPC); Eze Castle Software LLC, and ConvergEx Research Solutions LLC, of which Jaywalk and Cogent Consulting are divisions. Additional information is available at www.convergex.com.
SOURCE ConvergEx Group
Web Site: www.convergex.com