Monday December 11, 7:30 am Eastern Time
Javelin Technologies, Inc.
Javelin Technologies, Inc. Acquires Gateway Financial Technologies
Gateway's FIXchange.net Technology Backbone for Javelin's Electronic Trading Service Bureau
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
By acquiring Gateway's infrastructure, the overall value is two
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
``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
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.
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.
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
Javelin's innovations have also attracted a growing list of
partners including IBM, Robertson Stephens, TIBCO and Investec Ernst.
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, email@example.com; or Jennifer Hunt of
The Stephenson Group, 908-439-3660, firstname.lastname@example.org, for Javelin