Mixit Technologies Karachi based firm lead by Yousuf Jan , which deals in software for Stock Market and Trading platforms, Have been acquired by Patsystems. The amount of acquisition will depend on Mixit’s continued performance till March next year according to this News Site
Patsystems, a developer of high-end trading and risk management systems, said it would pay $20.2 million in cash and stock upfront for Mixit, which sells order and execution systems to sell-side firms engaged in stock and options trading. The total payout could reach $28.2 million, depending on Mixit’s financial results for the year that ends next March 31.
link: Patsystems Mixits Up, for $20M or More .
Financial Times gives the following details
Patsystems has agreed to buy US peer Mixit in a deal worth up to £17.6m that launches the UK trading technology group firmly into US equity and options markets. The acquisition, from Mixit’s founders and management, illustrates how some financial technology companies are bulking up to respond to investors’ desire to trade electronically and globally across asset classes.
This is great news for Mixit and Mr Yousaf Jan, and for Pakistan as well. Congratulations to the whole team.