M&A Deal Summary

CBOE Global Markets Acquires BATS Global Markets

On March 1, 2017, CBOE Global Markets acquired financial services company BATS Global Markets from Spectrum Equity and TA Associates for 3.4B USD

Acquisition Highlights
  • This is CBOE Global Markets’ 2nd transaction in the Financial Services sector.
  • This is CBOE Global Markets’ largest (disclosed) transaction.
  • This is CBOE Global Markets’ 3rd transaction in the United States.
  • This is CBOE Global Markets’ 1st transaction in Kansas.

M&A Deal Summary
Date 2017-03-01
Target BATS Global Markets
Sector Financial Services
Buyer(s) CBOE Global Markets
Sellers(s) Spectrum Equity
TA Associates
Deal Type Add-on Acquisition
Deal Value 3.4B USD

Target

BATS Global Markets

Lenexa, Kansas, United States
website
BATS Global Markets, Inc. (BATS) is a operator of securities markets, serving the needs of customers in the U.S. and European equities and listings industries, as well as the U.S. options market. The company recently merged with Direct Edge Holdings LLC and is focused on Making Markets Better for traders, investors and issuers.

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Buyer(S) 1

Buyer

CBOE Global Markets

Chicago, Illinois, United States

website

Category Company
Founded 1973
Sector Financial Services
Employees1,543
Revenue 4.0B USD (2022)
DESCRIPTION

CBOE Global Markets is the holding company for Chicago Board Options Exchange (CBOE), CBOE Futures Exchange (CFE), and other subsidiaries. CBOE Holdings offers equity, index and ETP options, including proprietary products, such as options and futures on the CBOE Volatility Index (VIX Index) and S&P 500 options (SPX), the most active U.S. index option. Other products engineered by CBOE include equity options, security index options, Weeklys options, FLEX options, and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM). CBOE Global Markets was incorporated in 1973 and is based in Chicago, Illinois.

DEAL STATS #
Overall 3 of 14
Sector (Financial Services) 2 of 7
Type (Add-on Acquisition) 3 of 12
State (Kansas) 1 of 1
Country (United States) 3 of 10
Year (2017) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-07 CBOE Livevol

Chicago, Illinois, United States

CBOE Livevol LLC is a provider of equity and index options technology and market data services to professional and retail traders. Livevol offers a spectrum of technology and data solutions including a consolidated feed, real-time programmatic analysis and scanning, historical files and back testing, real-time decision support, flat files, XML web services, web components, custom development and consulting.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-02 Silexx Financial Systems

Sarasota, Florida, United States

Silexx Financial Systems LLC is a developer and operator of an innovative multi-asset order and execution management system (OEMS) that caters to institutional customers throughout the U.S. Silexx Financial Systems is based in Sarasota, Florida.

Buy -

Seller(S) 2

SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $100 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.

DEAL STATS #
Overall 47 of 70
Sector (Financial Services) 4 of 4
Type (Add-on Acquisition) 30 of 43
State (Kansas) 2 of 2
Country (United States) 42 of 63
Year (2017) 1 of 4
Size (of disclosed) 1 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-16 Tenstreet

Tulsa, Oklahoma, United States

Tenstreet is a web-based provider of driver recruiting software and workflow solutions for the trucking and transportation industry. The company provides web-based tools to nearly 1,000 motor carriers and private fleets to help recruit, hire and manage drivers. Over the last decade, the platform has been used by 3 million drivers and offers drivers the easiest way to find their next job. Tenstreet is based in Tulsa, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-14 Verisys

Alexandria, Virginia, United States

Verisys provides a comprehensive cloud-based technology platform of data, analytics, and services that supports enterprise-wide compliance in the U.S. healthcare industry. Verisys protects healthcare consumers by enforcing competency and regulatory compliance, system integrity, and patient safety through transparency. Verisys was founded in 1992 and is based in Alexandria, Virginia.

Buy -
SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates Management LP is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $50 and $500 million per transaction. TA currently manages approximately $24 billion of capital and proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $150 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments up to $75 million. TA's geographic preference is North America and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 199 of 251
Sector (Financial Services) 25 of 31
Type (Add-on Acquisition) 109 of 128
State (Kansas) 1 of 1
Country (United States) 173 of 205
Year (2017) 1 of 10
Size (of disclosed) 3 of 65
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-13 Rectangle Health

Valhalla, New York, United States

Rectangle Health is a provider of payment technology and merchant services to healthcare providers. Retriever is one of the payments companies focused exclusively on the healthcare provider market, serving 15,000 physician practices, dental practices, veterinary clinics and hospitals throughout the U.S. Rectangle Health was founded in 1993 and is based in Valhalla, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-06 InterSwitch

Victoria Island, Nigeria

InterSwitch is an integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis. InterSwitch was founded in 2002 and is based in Victoria Island, Nigeria.

Buy -
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