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12/2025100%

Kace Financial acquired by Smarttrade Technologies

UNITED KINGDOM Software / Industry-Specific Software / Financial Services / Banking EV $100–350M

Context

smartTrade Technologies has acquired kACE Financial to create a unified, multi-asset trading and payments platform. This transformational acquisition combines smartTrade’s low-latency SaaS infrastructure with kACE’s specialized expertise in FX derivatives and complex pricing analytics. The strategic rationale is to address the market's increasing demand for a single, integrated workflow that handles everything from simple spot trading to sophisticated structured products. Following the recent investment from TA Associates, this deal represents a major step in smartTrade's innovation roadmap, specifically accelerating its transition to a fully cloud-native, AI-driven offering. The merger allows the combined group to leverage a global infrastructure and an expanded technical team to deliver lower total cost of ownership (TCO) for its international banking and brokerage clients.

Kace Financial, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the TMT (Tech, Media, Telecom) sector (14.8x in 2025).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

kACE Financial is a premier financial technology provider specializing in real-time pricing, advanced analytics, and workflow solutions for Foreign Exchange (FX) and interest rate derivatives. Its business model focuses on high-complexity instruments, including Spot, Forwards, Swaps, NDFs, and Structured Products. The company’s value proposition centers on delivering mission-critical risk management and regulatory compliance tools to a global base of financial institutions. Strategically, kACE is renowned for its deep domain expertise in derivatives, providing the sophisticated mathematical engines required for precise valuation and automated trading in volatile markets. By transitioning its legacy strengths into modern analytical frameworks, kACE serves as a vital infrastructure layer for Tier-1 banks and specialized trading desks worldwide.

Ent. Value

$100–350M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2025
[members only]
[members only]
[members only]
2024
[members only]
[members only]
[members only]

Other operations with Smarttrade Technologies

Other operations with Smarttrade Technologies
DateAcquirerTargetCountrySector
04/2025TA ASSOCIATESSMARTTRADE TECHNOLOGIESFRANCEFinancial Services / Banking
02/2020HG CAPITALSMARTTRADE TECHNOLOGIESFRANCEFinancial Services / Banking

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REFERENCES

Valuation range: EV $100–350M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Kace Financial by Smarttrade Technologies are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: smarttrade technologies

FAQ

What transaction does this page cover?

This page covers Smarttrade Technologies’s acquisition of 100% of Kace Financial, a British company specialised in Industry-Specific Software, in 2025.

How was the acquisition of Kace Financial by Smarttrade Technologies valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $100–350M band. Detailed valuation data is available to members.

How does the valuation of Kace Financial compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 14.8x EBITDA during 2025.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.