MarketAxess Buys Algorithmic Trading Provider Pragma, Boosting Client Offerings

MarketAxess Holdings Inc MKTX inked a deal to acquire Pragma for an undisclosed amount.

Pragma provides quantitative trading technology specializing in algorithmic and analytical services in equities, FX, and fixed-income.

The transaction is expected to close in Q4, subject to the satisfaction of customary closing conditions.

"Our acquisition of Pragma underscores MarketAxess' commitment to innovating, integrating, and providing our clients with quantitative, AI-powered technology solutions powered by proprietary data designed to simplify and enhance their workflows. In addition to accelerating our leadership in the fixed-income automation and algo space, Pragma's years of expertise with FX algos provides a unique opportunity for FX hedging solutions for our Emerging Market clients," said Chris Concannon, Chief Executive Officer.

As of June 30, 2023, the company held $505.5 million in cash and equivalents.

Price Action: MKTX shares are trading higher by 0.27% at $243.51 on the last check Monday.