Business
Parthenon Capital Sells Institutional Cash Distributors, a Leading Independent, Multi-Fund Investment Platform for Corporate Treasury Professionals, to Tradeweb Markets, Inc.
SAN FRANCISCO--(BUSINESS WIRE)-- Parthenon Capital, a leading growth-oriented private equity firm, announced today the signing of a definitive agreement to
About this update from Tradeweb Markets Inc.
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nParthenon Capital, a leading growth-oriented private equity firm, announced today the signing of a definitive agreement to sell Institutional Cash Distributors, LLC (“ICD”), an institutional investment software and technology provider for corporate treasury organizations trading short-term investments, to Tradeweb Markets, Inc. (NASDAQ: TW). The closing of the transaction is subject to customary conditions and regulatory approvals.\n\n\nBased in Golden, CO, the ICD portal services 500 corporate treasury clients (including nearly 20% of the S&P 100), across 65 industries and more than 45 countries. With over $230B in assets managed through its cloud-based platform, ICD’s software solution enables treasury teams to proactively manage liquidity and financial risk, by offering unbiased access to a wide selection of investment products and detailed visibility into exposures at the holdings level.\n\n\nParthenon Capital initially invested in ICD in January 2018. Throughout the partnership, Parthenon Capital and management invested in the Company to build the market leading technology solution in corporate treasury liquidity and risk management. Since 2018, ICD more than doubled its assets and expanded its product capabilities, including the launch of Portfolio Analytics, an AI-driven platform that enables treasury professionals to analyze and report on portfolio and counterparty risk.\n\n\n“We are excited about our future with Tradeweb and our ability to continue providing innovative technology and exceptional service to our clients. The combined offering delivers even more of what corporate treasury wants, and together, we will be able to unlock the full potential of our technology,” said ICD CEO, Tory Hazard. “Parthenon has been a phenomenal partner throughout the past six years. Their deep commitment, strategic resources and expertise in financial technology services played an all-important role in shaping ICD into the world-class organization it is today.”\n\n\nAndrew Dodson, managing partner at Parthenon, said, “When we originally partnered with ICD, we saw an opportunity to build upon their track record of providing exceptional service to the most recognizable and demanding treasury departments to broaden their product offerings and deliver enhanced solutions to the market. Tory and the entire ...