Broadway Technology, which provides fixed income and FX front office solutions, today announced record results for 2018 and continued momentum in 2019. The company recorded a 42% year-over-year revenue increase in 2018, led by ongoing expansion into global fixed income and FX 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 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, the company says, 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 continued its growth with the April 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, the company says. Clients can now automate additional workflows and benefit from accelerated product roadmaps that will allow them to grow across asset classes, it adds.
“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,” says 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.”