SGX is cashing in on its Trading Technologies (TT) investment as the company’s owner 7RIDGE partners with software investment firm Thoma Bravo.
Through the new partnership, the companies say they aim to take TT through its next phase of growth. The transaction is expected to close in Q4 2025 following regulatory approval. Terms of the deal were not shared.
A number of suitable partner investors were reviewed, 7RIDGE stated, adding that the project saw “wide and deep” interest.
TT was acquired by growth equity firm 7RIDGE in December 2021. Earlier this year, the company reached pre-set performance targets negotiated during the acquisition that allowed limited partners in the fund owning TT, Cboe and SGX, to take an exit option and take over the company, a route neither took.
In an update on its investment in the fund entitled ‘7RIDGE Investments 3’, SGX said, “Upon completion of the transaction, SGX will receive distribution proceeds in accordance with the fund’s distribution schedule and the fund is expected to be wound up.”
As outlined in Cboe’s March 2025 10-Q filing, “If Trading Technologies is sold, the general partner of the 7Ridge Fund would be entitled to receive a variable portion of the sales proceeds, and the limited partners would be entitled to receive a portion of the sales proceeds in accordance with the investment agreements.”
Cboe declined to comment.
READ MORE: TT sees continued support from SGX, CBOE after M&A option triggered
On Thoma Brava’s engagement with the company, TT CEO Justin Llewellyn-Jones commented, “The combination of TT’s business and technology experience, 7RIDGE’s deep sector knowledge, and Thoma Bravo’s strategic and operational expertise will truly make us an extraordinary force. With the backing of these two partners, TT is in its strongest position to date to become the operating system for the capital markets.”
Houlihan Lokey is lead financial advisor, with Barclays acting as financial advisor to TT.
