42% year-over-year revenue increase, expansion into global fixed income and acquisition of Barracuda FX fuel rapid expansion; commenced buildout of global credit platform
New York — July 29, 2019 — Broadway Technology, a leading provider of high-performance fixed income and foreign exchange front-office solutions, today announced record results for 2018 and continued momentum in 2019. The company recorded an impressive 42% year-over-year revenue increase in 2018, led by ongoing expansion into global fixed income and foreign exchange markets and the addition of cryptocurrency as a supported asset class. Following its 2019 acquisition of Barracuda FX, Broadway continues to expand its global footprint and now counts 50% of the top global 50 banks in its client base.
The world’s largest banks depend on Broadway’s end-to-end multi-asset platform to help them address and automate the complete business, trading, ecommerce, sales, risk and regulatory requirements of global fixed income and FX markets. The company’s expansion of its fixed income platform and the migration of three Tier 1 banks off of other vendor and in-house fixed-income systems drove significant growth, while its extension into the cryptocurrency arena offers clients the ability to leverage the same technology stack within this new asset class.
As a result of high customer and industry demand for the company’s expanded fixed income offering, Broadway is continuing to extend its asset class coverage with the addition of corporate credit. A beta of Broadway’s corporate credit platform will be available Q1 2020.
Broadway’s clients value flexibility, stability and speed-to-market in today’s rapidly changing environment. Broadway’s flagship middleware, the Toc, has proven indispensable, offering customers the means to manage, normalize and surveil their entire front office across disparate markets. The Toc allows numerous systems to be integrated and viewed as a single application across the enterprise and enables customers to choose which aspects of their technology stack they wish to buy, and where they desire to develop their own intellectual property.
Broadway continued its impressive growth with its April 2019 acquisition of Barracuda FX, a global provider of FX order management technology. The deal allows Broadway to expand its product suite and deliver its multi-asset solutions across more parts of the investment lifecycle. Clients can now automate additional workflows and benefit from accelerated product roadmaps that will allow them to grow across asset classes.
“For over 15 years, Broadway has been the solution of choice to handle trillions of dollars of fixed-income and foreign exchange trading for the world’s largest financial institutions,” said Tyler Moeller, CEO, Broadway Technology. “Our record 2018 results, significant expansion within global fixed income, addition of cryptocurrencies and the acquisition of Barracuda FX have positioned us for even more dramatic success in 2019. Broadway will continue to invest in new asset classes, such as credit, as well as new innovation as we enter our next stage of growth, and we’re excited to work closely with our clients to give them the full-stack, multi-asset front-office platform they need to meet their most sophisticated trading requirements.”
Additional Broadway milestones over the past 18 months include:
A 61% percent increase in staff across its global offices in New York, Austin, London, Waterloo, Tokyo and Christchurch
Launch of its 28,000-square foot headquarters in New York’s Financial District, a doubling in size of its Austin office, plus a new Toronto office to support its burgeoning local clientele
Appointment of former Barracuda FX executives Kieran Fitzpatrick and Maurice Curran as Head of FX and Head of FX Operations, respectively
Recognition of co-founders Tyler Moeller and Joshua Walsky on Institutional Investor’s Trading Technology 40 list for the seventh consecutive year, and as winners in the 2019 EY Entrepreneur of The Year New York Awards program
Continued industry recognition for product innovation, with award wins including the 2019 e-FX Awards for Best Trading Technology Vendor and Best e-FX Software Provider of the Year
Shortlisted for an additional three categories in the 2019 e-FX Awards, including Best Liquidity Aggregation System Provider and Best FX Connectivity Provider, with Barracuda FX, a Broadway Technology company, also shortlisted for Best Order/Execution Management System
Barracuda FX named 'Best Order Management System' in the 2019 Profit & Loss Readers' Choice Awards
About Broadway Technology:
Broadway Technology is a leading provider of high-performance fintech solutions to buy-side and sell-side clients, including 25 of the largest banks in the world. Founded in 2003 by experts in enterprise software and quantitative trading, Broadway has employees worldwide with offices in New York, Austin, London, and Waterloo. To learn more about Broadway Technology, visit www.broadwaytechnology.com.
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