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OMG acquires Cannon Trading
Independent tech platform Cannon Trading has been acquired by industry peer Openmarkets Group, with assistance from Biztech Lawyers.
Naomi Neilson
Firm: Biztech Lawyers (Cannon Trading)
Value: N/A.
Area: Tech; M&A.
Key players: Managing director (APAC) Anthony Bekker and special counsel Yehuda Orelowitz represented Cannon’s major shareholders.
Deal significance: Cannon is a market leader in API development and support for the Australian equities market, while OMG is a trading and wealth management fintech, providing a full suite of technologies and market infrastructure to fintech’s and AFSLs; the group includes Openmarkets, which is one of Australia’s largest retail brokers.
The deal represents a consolidation of a longstanding joint venture between the two and will see OMG further integrate Cannon’s API offerings into its platform.
Mr Bekker commented: “We were thrilled to work with [Cannon directors] Aurelian [Garreau] and Phil [Tauberman] who are true leaders in their field to achieve an excellent transaction outcome which advances the interests of both Cannon and OMG shareholders who now move forward together as one.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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