San Francisco, April 9, 2024–(BUSINESS WIRE)–Parthenon Capital, a leading growth-oriented private equity firm, today announced a final sale of Institutional Cash Distributors, LLC (“ICD”), an institutional investment software and technology provider to businesses. We announced the conclusion of a contract. The financial organization for trading short-term investments will be transferred to Tradeweb Markets, Inc. (NASDAQ: TW). Closing of the transaction is subject to customary conditions and regulatory approvals.
Based in Golden, Colorado, ICD Portal serves 500 corporate finance customers (including nearly 20% of the S&P 100) spanning more than 45 countries and 65 industries. ICD’s software solutions manage more than $230 billion in assets through a cloud-based platform, providing fair access to a wide range of investment products and deep visibility into holding-level exposures, giving finance teams the flexibility they need. proactively manage sexual and financial risks.
Parthenon Capital first invested in ICD in January 2018. Through the partnership, Parthenon Capital and the management team invested in the company to build market-leading technology solutions in corporate financial liquidity and risk management. Since 2018, ICD has more than doubled its assets and expanded its product capabilities, including the launch of Portfolio Analytics, an AI-driven platform that enables financial professionals to analyze and report on portfolio and counterparty risks. has been expanded.
“We are excited about our future with Tradeweb and our ability to continue to provide innovative technology and exceptional service to our customers. By combining these services, we will be able to deliver even more of what corporate finance wants. “Together, we will be able to realize our full potential through technology,” said ICD CEO Tory Hazzard. “Parthenon has been a phenomenal partner throughout the past six years. Parthenon’s deep commitment, strategic resources, financial technology and his service expertise have been critical in shaping ICD into the world-class organization it is today. He played a vital role.”
Andrew Dodson, Managing Partner at Parthenon, said: “When we first partnered with ICD, we built on ICD’s track record of providing exceptional service to some of the most high-profile and demanding finance departments. We saw an opportunity to expand and provide enhanced solutions.” The Conservative Party and the entire ICD management team have done an excellent job building ICD into a global market leader and providing great opportunities for continued growth. ”
Brian Golson, Co-CEO of Parthenon, said: “We have thoroughly enjoyed working with ICD and are extremely proud of what we have achieved together. I wish the team all the best as they embark on their growth phase,” he added.
Raymond James & Associates, Inc. and Moelis & Company served as financial advisors, and Kirkland & Ellis, LLP and Cooley, LLP served as legal advisors to Parthenon and ICD. JP Morgan Securities LLC acted as lead financial advisor to Tradeweb. Morgan Stanley & Co LLC also provided advice. Freed, Frank, Harris, Shriver & Jacobson LLP served as legal advisor.
About the Company Cash Distributor for Institutional Investors
Founded in 2003, ICD is a trusted provider of institutional investment technology. ICD He has been developing his workflow solutions to support organizations’ independent research, trading, analysis and investment reporting for over 20 years. ICD’s many award-winning solutions demonstrate ICD’s commitment to co-developing with customers and serving the needs of the institutional investment community. For more information, please visit www.icdportal.com.
About Parthenon Capital
Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco, and Austin. Parthenon invests in growth companies in the services and technology industries, leveraging its niche industry expertise and deep execution teams. Parthenon aims to be an active partner with management, whether through recapitalization transactions or by supporting new management. Parthenon has particular expertise in healthcare, financial and insurance services, and technology services, but is seeking all services, technology and delivery businesses with a strong value proposition and unique know-how. For more information, please visit www.parthenoncapital.com.
About Tradeweb Market
Tradeweb Markets Inc. (Nasdaq: TW) is a leading global operator of electronic interest rate, credit, equity and money markets. Founded in 1996, Tradeweb provides institutional, wholesale and retail market customers with access to markets, data and analytics, electronic trading, straight-through processing and reporting for more than 50 products. The advanced technology developed by Tradeweb enhances price discovery, order execution and trading workflows, while enabling greater scale and de-risking clients’ trading operations. Tradeweb serves over 2,500 clients in over 70 countries. Over the past four quarters, Tradeweb has facilitated an average of over $1.5 trillion in notional value trades per day. For more information, please visit www.tradeweb.com.
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contact address
Molly Fazio Claus, Parthenon Capital
617-960-4012
mollyk@parthenoncapital.com
