BGC Group has agreed to sell its kACE Financial business, a provider of real‑time pricing and advanced analytics for complex foreign‑exchange derivatives, to smartTrade Technologies SAS for a total consideration of up to $119 million. The deal consists of an upfront cash payment of $80 million and up to $39 million in contingent consideration that will be paid in 2026 if kACE meets specified performance targets.
The sale allows BGC to concentrate on its high‑margin Fenics platform, which includes the FMX futures exchange and a suite of electronic trading and data services. By divesting kACE, BGC frees capital that can be deployed to accelerate growth in its core technology offerings while reducing exposure to the FX derivatives segment. For smartTrade, acquiring kACE expands its multi‑asset electronic trading and payments portfolio with sophisticated FX analytics, positioning the company to serve a broader client base across currencies, fixed income, and derivatives.
The $80 million cash inflow represents roughly 2.8 % of BGC’s $4.21 billion market capitalization and provides a tangible boost to the company’s balance sheet. The potential $39 million contingent payment offers upside if kACE achieves the agreed performance metrics, further enhancing the transaction’s value to BGC’s shareholders.
Market participants reacted positively to the announcement, with analysts noting that the divestiture signals a clear strategic focus on high‑margin technology platforms and a willingness to unlock value from non‑core assets. The transaction is expected to strengthen BGC’s competitive position in electronic brokerage while giving smartTrade a stronger foothold in FX analytics.
Sean Windeatt, Co‑CEO of BGC Group, said the deal “delivers significant value for our shareholders and positions kACE to enter an exciting new chapter as part of smartTrade.” David Vincent, CEO of smartTrade, described the acquisition as “transformational,” adding that kACE’s expertise complements smartTrade’s existing offerings and will enable a truly end‑to‑end solution for clients.
kACE was founded in 1987 and was acquired by Fenics Software Limited (a BGC affiliate) in 2017. smartTrade, founded in 1999, is a global leader in multi‑asset electronic trading and payments solutions and was acquired by TA Associates in April 2025. The FX derivatives market reached $130 trillion in June 2024, with the UK accounting for 38 % of global turnover, underscoring the strategic relevance of kACE’s analytics capabilities.
By exiting kACE, BGC reduces its exposure to the FX derivatives market while reinforcing its focus on the Fenics platform, which is expected to deliver higher margins and scalable growth. For smartTrade, the acquisition expands its product suite and enhances its competitive advantage in a market where sophisticated analytics are increasingly critical for pricing and risk management.
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