Summit Partners said Wednesday it agreed to sell 360T Group to Deutsche Börse AG for total cash consideration of €725 million (US$794.8 mln). Frankfurt-based 360T provides software that helps corporations, banks and other financial firms trade currencies, money-market products and derivatives with each other. Hengeler Mueller and Jefferies LLC advised 360T.
London, UK; Frankfurt, Germany – Summit Partners, a global growth equity investor, today announced a definitive agreement to sell 360T Group (“360T” or “the company”), a leading global FX trading platform, to Frankfurt-based marketplace Deutsche Börse AG, for total cash consideration of €725 million. The completion of the transaction is subject to regulatory and anti-trust approval.
Founded in 2000 and headquartered in Frankfurt, 360T provides software that helps corporations, banks and other financial firms trade currencies, money-market products and derivatives with each other. Its software also helps clients hedge their currency risk. 360T has subsidiaries in New York, Singapore, India and Dubai.
Summit Partners made a growth equity investment in 2012 to acquire a majority stake in 360T. During Summit’s investment, 360T deepened its product offering while strengthening and expanding its international presence, particularly into the United States. Today, the company has more than 220 employees in 26 offices around the world.
“As an entrepreneur and founder, I selected Summit Partners to help expand our global footprint and support the continued growth of 360T,” said Carlo Kölzer, Founder and CEO of 360T. “Over the course of the last three years, we have benefited significantly from Summit’s global reach and deep experience in the financial technology sector. I am excited about our next chapter and thrilled about the opportunity that a partnership with the Deutsche Börse presents for the company.”
Summit Partners Managing Director Scott Collins, who served on the 360T Supervisory Board, commented, “We have had a great experience working with Carlo and the management team to build upon 360T’s platform and help further establish the company’s position as a world-class trading platform for foreign-exchange, money-market products and derivatives. We would like to thank Carlo for his trust, partnership and commitment to the business.”
“Carlo and his team combined great vision with great execution to build a leading multi-bank, multi-asset institutional trading platform,” added Summit Managing Director Han Sikkens, who also served on the company’s Supervisory Board. “We are delighted to transition 360T to the Deutsche Börse.”
360T was advised on the transaction by Hengeler Mueller and Jefferies LLC.
About 360T Group
360T is an independent and globally-established trading venue. Its fast growth confirms the company’s status as a provider of web-based trading technology for over-the-counter (OTC) instruments, integration solutions and related services. Since its inception in 2000, the company has developed and maintained a state-of-the-art multi-bank portal for foreign exchange, cash and money market products and FX/interest rate derivatives.
360T’s secure global transaction network enables clients to trade with greater transparency and enhanced control at every stage of the trading lifecycle. The company also offers licensing of a hosted white labelled trading technology between a scalable group of price-takers and either proprietary price providers or a rich choice of back-to-back liquidity sources. 360T´s buy-side clients are national and multinational corporate treasuries, institutional clients (asset managers, hedge funds, commodity trading advisors), broker/dealers and banks. The company is authorised under German law and regulated by the German Federal Financial Supervisory Authority (BaFin).
Headquartered in Frankfurt am Main, Germany, 360T maintains subsidiaries in New York (360 Trading Networks Inc), Singapore (360T Asia Pacific Pte. Ltd.), India (ThreeSixty Trading Networks (India) Pvt Ltd) and Dubai (360 Trading Networks LLC). Further information: www.360t.com
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that is currently investing more than $6.5 billion into equity and fixed income opportunities. Summit has invested in more than 400 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable financial technology companies financed by Summit Partners include Acturis, Clearwater Analytics, FleetCor (NYSE: FLT), Flow Traders (Euronext: FLOW), Multifonds, Ogone and optionsXpress. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.