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Tradeweb to buy investment platform ICD for $785M

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

Illustration: Megan Robinson/Axios

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.
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