L Squared Capital Partners has acquired Chicago,IL-based Sterling Trading Tech from LLR Partners and other investors, a software provider of financial technology for the global capital markets. The investment represents L Squared’s fourth platform investment in Fund III, a $505 million private equity fund that closed in September 2020. STT’s management also participated in the acquisition.
“L Squared is excited to begin our partnership with the STT team whom we have found to be passionate about customer service and developing innovative products such as its OMS and risk platforms,” said Sean Barrette, partner at L Squared and STT board member. “The incremental resources our strategic investment provides will allow the team to capitalize on the accelerating adoption of cloud-based solutions and serve larger institutional customers.”
“We are thrilled to partner with L Squared, who shares our vision for the future including building best-in-class technology. L Squared’s expertise will help us accelerate our growth,” said Farid Naib, STT CEO and board member. “Our plan is to continue as a market leader while expanding our product suite and expanding into new markets and asset classes. We will maintain our commitment to innovation and unrivaled customer service for our clients.”
Raymond James advised STT and LLR Partners on the transaction and Faegre Drinker Biddle & Reath LLP served as legal counsel. Vedder Price served as legal counsel to L Squared Capital Partners. The L Squared deal team included Barrette, Jeff Farrero, Edmund Montanari, and Jack Foley. Maxime Seguineau served as an operating advisor to L Squared and has joined the STT Board of Directors.