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Tradeweb Markets (Nasdaq: TW) agreed to acquire Denver-based money-market fund portal Institutional Cash Distributors (ICD) for $785 million.

Why it matters: This deal will mark Tradeweb's third acquisition in the past 12 months as it seeks new customer segments and market regions.

Context: Parthenon Capital-backed ICD operates an institutional portal used by corporate treasury teams to invest in money market funds and other short-term products.

It has about 500 corporate treasury clients, including approximately 17% of the companies that comprise the S&P 100 index.

In 2023, its customers had average daily balances of more than $230 billion.

Catch up quick: Earlier this year, Tradeweb closed its acquisition of technology technology provider r8fin, which specializes in algorithmic-based execution for U.S. Treasuries and interest rate futures.

Last year, it expanded its presence in Australia and New Zealand with the purchase of electronic trading platform Yieldbroker.

State of play: Tradeweb isn't alone in its recent M&A activity.

Last June, Nasdaq bought trading and risk management firm Adenza for $10.5 billion. 

Intercontinental Exchange, which owns the NYSE, bought real estate data and analytics firm Black Knight for $11.9 billion.

Tradeweb to buy investment platform ICD for $785M

The company agreed to buy Denver-based ICD, which serves institutions.

Illustration of a dollar bill in a grid pattern with an arrow climbing upward.

Fintech

Tradeweb Markets (Nasdaq: TW) <a class="gtmContentClick" data-vars-link-text="agreed to acquire" data-vars-click-url="https://www.tradeweb.com/newsroom/media-center/news-releases/tradeweb-to-acquire-icd-a-leading-independent-multi-fund-investment-platform-for-corporate-treasury-professionals/" data-vars-content-id="b2fce4e8-ff1b-4c19-a4dd-fdeb57e907e1" data-vars-headline="Tradeweb to buy investment platform ICD for $785M" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.tradeweb.com/newsroom/media-center/news-releases/tradeweb-to-acquire-icd-a-leading-independent-multi-fund-investment-platform-for-corporate-treasury-professionals/" target="_blank">agreed to acquire</a> Denver-based money-market fund portal Institutional Cash Distributors (ICD) for $785 million.Why it matters: This deal will mark Tradeweb&#x27;s third acquisition in the past 12 months as it seeks new customer segments and market regions.

Tradeweb to buy investment platform ICD for $785M

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