BestX, provider of ML-led fintech software for data analytics, has been acquired by State Street
Livingstone’s Media & Technology sector team has advised the founders of BestX Limited (“BestX”) on the sale of the company to State Street Corporation (“State Street”).
Founded in 2016 by Aman Thind, Pete Eggleston & Oliver Jerome, BestX is a global market leading provider of Transaction Cost Analytics (TCA) analytics to support ‘Best Execution’ in OTC markets.
BestX’s industry leading technology provides state-of-the-art pre-trade and post-trade analytics, which enable clients to define, achieve and record the process of Best Execution in their FX trading, resulting in significant quantifiable cost savings and regulatory reporting benefits.
BestX has grown rapidly in the 3 years since inception, with its SaaS technology now used by many of the world’s largest asset managers, hedge funds, banks and sovereign wealth funds.
State Street is the world’s largest Custodian, with in excess of US$32 trillion worth of assets under custody and administration and a market capitalisation of US$33 billion. State Street’s acquisition of BestX will significantly enhance its end-to-end trading platform and data analytics client service offerings.
Oliver Jerome, Co-founder & Director of BestX, commented: “Technically brilliant and tactically astute, the Livingstone team looked after us every step of the way. They developed a deep understanding of our business and our market in a very short period of time, allowing them to offer invaluable advice. We are delighted with the outcome and grateful to them for their insight, expertise, and dedication.”
Daniel Domberger, Partner at Livingstone, added: “We’re delighted to have delivered this exceptional outcome for the team at BestX. They have rapidly built a genuine market-leader, and it was no surprise that the company generated huge interest from acquirers and investors across the financial services and fintech landscape. In State Street they have a compelling partner for further growth and ongoing success.”