Dash Financial, LiquidPoint to merge under private equity ownership

Options traders at NYMEX
Traders in the crude oil options pit at the New York Mercantile Exchange in New York.

Dash Financial, an options and equity trading technology developer, will merge with brokerage Convergex's options trading and technology business, LiquidPoint, under an agreement announced Wednesday.

The combined firm will be separate from Convergex and will be majority owned by private equity firm GTCR, which also holds a controlling interest in Convergex, and will be called Dash Financial Technologies, according to a Dash Financial news release.

Terms were not disclosed, said Mark Dowd, Dash Financial spokesman. The transaction is expected to close later this quarter.

Peter Maragos, CEO at Dash Financial, will be CEO of the combined firm; Benjamin Londergan, executive managing director and head of options trading and technology at Convergex, will be president of Dash Financial Technologies.

Dash Financial provides trading technology, execution and analytics to the U.S. options and equities markets. LiquidPoint provides advanced options technology and routing services for sell-side clients and exchanges.

Dash Financial was advised on the transaction by Raymond James Financial, and Sidley Austin served as Dash's legal counsel. Kirkland & Ellis was legal counsel for GTCR and Convergex.