CASE STUDY
Barracuda FX Limited’s Funding Rounds and Subsequent Acquisition
We advised order management technology specialist Barracuda FX Limited during its rapid early stage growth in relation to an equity investment by the AIB Start Up Accelerator Fund (acting through its manager, ACT Venture Capital) and a subsequent funding round with Enterprise Ireland. In 2019, we advised the shareholders of Barracuda FX Limited in its acquisition by US fixed income and FX trading software provider Broadway Technology.
Highlights
Investment by AIB Start Up Accelerator Fund
Acting through its manager, ACT Venture Capital, Barracuda FX received a significant equity investment
Funding round with Enterprise Ireland
Achieved an important milestone with the Series A investment by Enterprise Ireland.
Sale to Broadway Technology
Acquired by US fixed income and FX trading software provider Broadway Technology
We advised Barracuda FX Limited, which provides order management solutions, develops functional capabilities, technology platforms and service infrastructure for the modern foreign exchange market.
“[Barracuda] are among the best in the industry and represent a tremendous level of institutional and industry credibility,” said Broadway chief executive Tyler Moeller
Founded in 2009 and led by then CEO Kieran Fitzpatrick and COO Maurice Curran, Barracuda FX Limited specialises in the design and development of enterprise class FX trading and risk management software solutions for the global banking industry.
In 2011, the Company raised a significant sum of funding from the AIB Start-Up Accelerator Fund, managed by ACT Venture Capital. This was followed by a Series ‘A’ investment in the Company by Enterprise Ireland.
As the company grew, we provided advice to Barracuda on a variety of legal matters including employment matters, intellectual property ownership and complex cloud agreement with a to a top 10 Global Bank.
More recently, we acted as lead counsel for the shareholders of Barracuda in its acquisition by US fixed income and FX trading software provider Broadway Technology.
Barracuda’s founders, who won the “emerging category” prize at the EY Entrepreneur of the Year awards in 2013, continue to run the company.
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