ION Investment Group (ION), which offers trading and workflow automation solutions and analytics to financial institutions, has recapitalised Broadway Technology that offers capital markets solutions.

As part of the deal, ION will pick a controlling interest stake in Broadway along with the latter’s founders and private investment firm Long Ridge Equity Partners.

ION CEO Andrea Pignataro said: “Broadway’s client-first approach and strong cloud expertise are an excellent complement to our business and their leading offering in FX further augments our recent acquisition of FX low-latency specialist MarketFactory.”

Details on the precise size of the Broadway stake being taken by ION were not revealed.

Broadway co-founder and CEO Tyler Moeller said: “Partnering with ION provides the investment to accelerate our product roadmap including workflow automation technology across different market segments and asset classes.”

Broadway, set up in 2003, has operations in New York, Austin, London, Waterloo, and Toronto. The firm’s staff strength is more than 170.

Developments at ION

Last year, ION snapped up enterprise commodity management solutions provider Allegro Development.

In 2018, ION Investment Group acquired trading and risk management solutions provider Openlink Financial.

In 2017, ION recapitalised Dealogic, which offers data and analytics for the capital markets, and picked a controlling stake in Dealogic.

In 2016, The Carlyle Group invested around $400m in ION.