Financial information and data giant Bloomberg has announced that it has entered into an agreement to acquire Austin, TX based fintech company Broadway Technology, which provides high-performance front-office fintech solutions to banks and brokers.

No financial terms of the transactions were disclosed.

The parties said that the acquisition of Broadway will enable Bloomberg to provide a low latency execution management offering optimized for rates trading, and deliver further innovations in multi-asset software.

As electronic trading volumes in the rates and credit markets continue to grow, there is a commensurate need for solutions that meet the demands of a broader variety of client workflows and trading, including across fixed-income asset classes.

Ben Macdonald, Global Head of Enterprise Products at Bloomberg said:

“Broadway’s best in breed fixed income market making software will fill a gap in our product portfolio, enabling customers to interact with the market with more speed and agility. This will position us well for future growth in highly liquid interest rate and government debt markets that trade on both exchanges and venues.”

Michael Chin, CEO of Broadway added:

“At Broadway, we are passionate about enabling change through continuous innovation. Bloomberg will give us even greater scale to meet the evolving needs of our customers. Our platform’s universal interoperability is pivotal in enabling more integration opportunities that will ultimately benefit customers using Broadway’s low-latency and highly customizable workflows.”

The transaction is subject to customary regulatory approvals.

About Broadway Technology

Broadway provides high-performance, front-office fintech solutions to sell-side clients for leading banks around the world. Founded in 2003 by experts in enterprise software and quantitative trading, Broadway has employees worldwide with offices in New York, Austin, Chicago, London, Waterloo, and Hyderabad.

About Bloomberg

Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration.