Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, and Abel Noser Solutions, LLC (ANS), the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants, today announced that TT’s acquisition of ANS from Abel Noser Holdings, a majority-owned portfolio company of Estancia Capital Partners, is now complete.

Abel Noser LLC, an agency-only brokerage that provides a range of trading services and analytics for investment managers, asset owners, investment consultants and brokers, is not part of the transaction and will continue to operate as an independent agency-only execution broker-dealer.

TT will acquire START, a broker-neutral trade optimization platform, from Abel Noser LLC in a second transaction expected to close by the first quarter of 2024.

Foley & Lardner LLP acted as legal advisor to TT. Ardea Partners LP served as financial advisor, and David Solo, TT Board member, led the acquisition negotiation on behalf of the company. Seward & Kissel LLP acted as legal advisor to Abel Noser Holdings.