Transaction Network Services (TNS) today announced the acquisition of Chicago-based trading technology provider NetXpress, in a strategic move that augments its financial services portfolio with ultra-low latency exchange connectivity at 11 key global locations across North America, Europe, and Asia.
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Mike Keegan, Chief Executive Officer at Transaction Network Services (Photo: Business Wire)
Founded in 2016 by industry experts Scott Feagans and Moshe Siegel, NetXpress provides colocation, data center services, exchange and WAN connectivity globally. The NetXpress low latency architecture employs a unique ULL, Layer1 distribution technology to achieve the lowest latency profile available via a service provider.
“2019 is proving to be an exciting year for our Financial Services business,” said TNS’ Chief Executive Officer, Mike Keegan. “Since acquiring R2G in January, we have expanded our data center reach, deployed a new dark fiber infrastructure and are establishing TNS as a vendor of record for market data offerings. The acquisition of NetXpress is another step in our plan to be the financial technology partner of choice for all industry players.”
Feagans and Siegel will remain with the business and join TNS’ Financial Services executive team. Feagans will oversee technology and business development, and Siegal will be responsible for operations and delivery. The NetXpress team will move into TNS’ Chicago office.
“When we started our business, we had a phased plan to achieve global growth. The successful implementation of phase one has seen NetXpress secure extensive coverage of futures, treasuries and cash markets,” said Feagans. “We are excited to begin phase two and expand our current market data services and colocation offerings to include the major North American and European equities and options markets.”
Siegel added, “With TNS, we achieve instant access to new, global markets allowing us to scale our footprint almost overnight. It also enables rapid expansion into the growing Asia Pacific region.”
“The combination of R2G and NetXpress creates a dynamic value proposition for TNS as a single-source solution that meets the demanding needs of financial market participants,” said Keegan. “This division, led by Managing Director, Stefano Durdic, is expected to be a source of significant growth for the company. I look forward to working with Scott and Moshe to ensure the smooth integration of our businesses and to welcoming their team and customers into the TNS family.”
Optimized for electronic trading, TNS’ robust secure network is relied on by the global financial markets for mission-critical connectivity to multiple diverse trading partners. Many of the world’s most prominent and influential buy– and sell-side institutions, market data and software vendors, exchanges and alternative trading venues have selected TNS’ network. Resilient connectivity is assured by there being no single point of failure across the TNS core network and by connected firms choosing from a variety of physical connections.
TNS’ multi-asset class connectivity platform supports market data, FIX connectivity and all trading protocols. TNS’ services are supported by 24x7x365 monitoring and helpdesk support. TNS’ team have been actively involved in the FIX Trading Community for many years and regularly participate in industry events and serve on working group committees. To find out more visit www.tnsfinancial.com.
ENDS
About Transaction Network Services:
Transaction Network Services (TNS) is a leading global provider of data communications and interoperability solutions. TNS offers a broad range of networks and innovative value-added services which enable transactions and the exchange of information in diverse industries such as retail, banking, payment processing, telecommunications and the financial markets.
Founded in 1990 in the United States, TNS has grown steadily and now provides services in over 60 countries across the Americas, Europe and the Asia Pacific region, with our reach extending to many more. TNS has designed and implemented multiple data networks which support a variety of widely accepted communications protocols and are designed to be scalable and accessible by multiple methods.
About NetXpress:
The founders of NetXpress first met in the early 2000s as pioneers in the managed service provider space during the electronic trading movement. The team stayed together through the years and built out the NetXpress financial trading network in 2016.
NetXpress is an innovator in the managed service space, providing financial firms with a latency edge for exchange connectivity. By deploying a unique layer1 distribution, NetXpress has minimized the burden of excessive switch hops with an entirely flattened network within its colocation data centers. This strategic network design is enabled by the NetXpress global backbone.
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