Spectrum Equity, TA Associates Buy Lehman's Stake in BATS
As part of the deal, Spectrum Equity managing director Chris Mitchell will join the BATS board of directors. The move is the latest among many technology investments for Spectrum and TA Associates, alike. TA has held past stakes in Instinet and Intercontinental Exchange (ICE).
"BATS has consistently delivered best-in-class solutions for the US cash equities and equity options markets and the pan-European cash equities market. BATS' talented management team and proprietary high-performance technology have enabled the company to maintain its market share, and position the company for future growth," says Ken Schiciano, managing director at TA Associates.
Financial terms of the agreement were not announced. Rosenblatt Securities advised on the transaction.
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