London Stock Exchange Group Closes $325M Deal for TORA

The London Stock Exchange Group (LSEG) closed a $325 million all-cash acquisition deal for TORA, a single platform for execution, order and portfolio management system (EMS, OMS and PMS).

Once the transaction is completed following regulatory approvals, TORA will become part of LSEG’s Data & Analytics unit’s Trading & Banking Solutions business, according to a press release on Tuesday (Feb. 22). Both LSEG and TORA are striving to create an innovative financial infrastructure that works across the whole investment lifecycle as an open ecosystem. The transaction is expected to close in the second half of 2022.

As part of LSEG, TORA will be able to expand its customer base and enhance product development. TORA’s clientele will receive the “widest possible range of market data, benchmarking indices, advanced corporate actions and a much larger yield book,” according to the press release.

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TORA will help boost LSEG’s presence in Asia, North America and Europe and “deliver multi-asset front to back trading technologies.”

Robert Dykes, TORA CEO, said that since the company launched in 2004, its growth has been entirely organic, and all products were created in-house since they opened their doors.

“As we look to grow our global business, we couldn’t have asked for a better partner than LSEG. Their global product book and coverage will help drive even more success for TORA. We see this complementary combination as an incredible opportunity to create the most advanced trading solutions for clients,” Dykes said.

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Dean Berry, group head of trading and banking solutions at LSEG, said that the acquisition of TORA is a vital extension of its global trading division, and will allow LSEG to “deliver critical ‘at trade’ capabilities for the buy-side, seamlessly connecting into our next generation desktop Workspace.”

He added that TORA’s global presence and LSEG’s worldwide reach will help drive international growth.