Axoni sells Veris post-trade processing business to LSEG
The London Stock Exchange Group (LSEG) has acquired Veris, a post-trade processing platform, from New York-based financial markets infrastructure provider Axoni for an undisclosed sum.
Axoni sells Veris platform to LSEG
Launched by Axoni in 2020, Veris operates as a distributed ledger network for equity swaps and enables counterparties working in over-the-counter (OTC) derivatives to share and compare deals, positions, trades and related cash flows throughout the post-trade lifecycle.
The acquisition, expected to close in Q4 2024, will transfer the platform’s ownership and operation over to LSEG.
Axoni, a fintech start-up specialising in trade workflow applications and real-time data replication technology, says it is also selling “additional software to support post-trade processing in other derivative asset classes” as part of the deal.
Axoni adds that after the transaction closes, Veris customers will still be able to make use of the fintech’s Hydra offering, a data platform that the company says “offers the easiest and most secure way to replicate data in real-time between institutions”.
Axoni CEO Greg Schvey says the start-up has “partnered closely” with LSEG in the past to develop trade processing applications, and believes the group to be “the right party to help realise [Veris’] growth potential”.
LSEG is an existing investor in Axoni. Since launching in 2017, the fintech has raised $109.8 million in funding, according to Crunchbase, including an EJF Ventures-led $20 million equity round closed last year.
