NEW YORK, Dec. 11 /PRNewswire/ -- As part of its initiative to create a vendor-neutral electronic trading service bureau, Javelin Technologies, Inc. announced today the acquisition of Gateway Financial Technologies (GFT). Prior to the acquisition, GFT was under joint ownership between Javelin and AW Bertsch, Inc., a NYSE member firm. Javelin's service bureau is a managed solution that will reduce infrastructure costs, offer a faster time to market for electronic trading participants and help businesses become more profitable by offering access to multiple electronic trade connections.
Gateway's FIXchange.net infrastructure, a key component of the service bureau, offers direct electronic connectivity to any floor broker on the NYSE via FIX. By acquiring Gateway's infrastructure, the overall value is two fold: combining a strong, proven technological infrastructure with Javelin's expertise in innovating electronic trade communication.
``Our service bureau provides users with a single point of contact for instant access to pools of trade liquidity,'' said John Petschauer, Senior Vice President/General Manager, of Javelin's service bureau division, formerly CEO and President of Gateway Financial Technologies. ``While it will offer different types of service depending upon specific customer needs, the overall goal is to expand electronic trading via FIX.''
``The acquisition of Gateway Financial Technologies is a strategic extension of our business model. By making trading easier and by reducing entry costs, the electronic trading community can grow and achieve critical mass which means a more efficient marketplace,'' said George Kledaras, President and CEO of Javelin Technologies. ``John achieved measurable success with Gateway and we want to grow that business with our expertise and industry commitment.''
``As more exchanges and institutional clients adopt the FIX protocol for orders, the need for intermediaries with extensive FIX experience has expanded,'' said Joe Sommer, Director of US Electronic Trading & Connectivity Services for Credit Suisse First Boston. ``We have received professional and responsive service from Gateway in work to link our systems to the NYSE floor brokers,'' Mr. Sommer continued. ``We have also has excellent results connecting to institutional order management systems that rely on the Javelin FIX engine. The combined firm will be well qualified to support the industry as it continues to evolve.''
``Recent funding by Institutional investors has provided us with the means to pursue an aggressive product expansion strategy,'' said Michael A. Chaladoff, Chief Financial Officer of Javelin Technologies, Inc. ``This acquisition is a key part of a long term plan that includes adding depth to our product line in order to add value to the industry.''
Javelin Technologies, Inc.
Javelin Technologies, Inc., based in New York City with offices in San Francisco and London, is the leading provider of electronic trading technology, providing universal connectivity for better trading. Javelin's electronic trading technology powers hundreds of clients including Chicago Board Options Exchange (CBOE), Yahoo!, Morgan Stanley Dean Witter, Advent Software, Fidelity Management Research, Instinet, Thomson Financial and Market XT/Tradescape. Javelin's innovations have also attracted a growing list of partners including IBM, Robertson Stephens, TIBCO and Investec Ernst. For information on Javelin's electronic trading solutions, visit www.javtech.com.
For further information, please contact: Stephanie Cohen of Javelin Technologies, Inc., 917-320-4690, firstname.lastname@example.org; or Jennifer Hunt of The Stephenson Group, 908-439-3660, email@example.com, for Javelin Technologies, Inc.