Trading Technologies International, a global provider of capital markets trading technology, has announced a new partnership with Thoma Bravo, one of the largest software-focused investors in the world, with approximately $184bn in assets under management.
The move marks a significant milestone in TT’s journey, coming just three and a half years after it was acquired by the growth equity firm 7RIDGE in December 2021.
Initially, TT had mapped out a five-year growth strategy designed to transform and scale the business through 2027, but the company surpassed its goals ahead of schedule, according to TT CEO Justin Llewellyn-Jones.
“We hit our KPIs [key performance indicators] in three years instead of five, which gave us the opportunity to step back and think about who the right partners would be to help us scale further,” he told Traders Magazine.
This success prompted a strategic review at the beginning of 2025, during which TT and 7RIDGE assessed long-term investment options and spoke with potential partners.
“We spoke to a large number of top-tier firms about our growth story and vision for where the capital markets are going, particularly around multi-asset trading, OTC electronification, and market digitization,” said Llewellyn-Jones. “The response was tremendous.”
“Thoma Bravo stood out for their track record in scaling technology businesses and their belief in our roadmap,” he added.
The transaction is expected to close in the fourth quarter of 2025 pending regulatory approval.
For TT, this new investment is about acceleration, not reinvention: “We’re not changing our direction. We’re scaling. We’re moving faster. Thoma Bravo is helping us go further, quicker,” said Llewellyn-Jones.
A core focus of TT’s strategy is building a multi-asset platform that can address the fragmentation of tools and systems in capital markets. “Our clients—especially on the buy-side—have been demanding multi-asset solutions and access to new liquidity pools for years. This partnership helps us deliver those solutions faster,” Llewellyn-Jones said.
TT is also deeply focused on the continued electronification of OTC markets—particularly fixed income and foreign exchange (FX)—where clients are demanding more sophisticated, automated execution tools.
“We’re seeing major momentum in fixed income and FX,” Llewellyn-Jones added. “These are markets that are evolving rapidly, and we’re putting real energy and investment into building the tools that our clients need to take advantage of that change.” Over the past several months, TT has released updates highlighting new initiatives in these asset classes, and over the next 6 to 12 months, the company plans to expand functionality in both areas.
The firm is also developing new automation capabilities, including futures options algorithms, and expanding pre-trade portfolio risk analytics. These developments are part of a broader effort to support clients across the full trade lifecycle.
Llewellyn-Jones emphasized that customers should not expect disruption from the change in ownership. “There’s no change in our functional or business strategy. Our customers won’t see disruption—they’ll see things arriving faster,” he said.
Llewellyn-Jones said that a cornerstone of TT’s long-term vision is to become the “operating system for the capital markets.” This doesn’t just mean offering a wide set of capabilities; it means making its technology ecosystem open and accessible.
“We believe the platform should be just as accessible to third parties as it is to us. That openness creates value not only for TT, but for the entire capital markets ecosystem,” stressed Llewellyn-Jones.
By enabling external developers, vendors, and partners to build on the platform, TT aims to reduce the fragmentation and inefficiency that continue to plague global trading infrastructure.
While the company is targeting continued revenue growth—it has already doubled in size over the past three years, financials are not the only benchmark for success, Llewellyn-Jones said, emphasizing the importance of metrics like customer satisfaction (CSAT), staff engagement, and Net Promoter Score (NPS) in tracking overall performance.
“There’s very little point in measuring success without starting with things like NPS and CSAT,” he said.
“Twelve months from now, I want to show strong financial results and great metrics on customer and staff success. That’s what a sustainable business looks like,” he added.
Llewellyn-Jones said that TT is well-positioned to drive the next wave of innovation across capital markets.
“The next few years are going to be a tremendous amount of fun. We’re just getting started,” he said.
