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Transactions

January 2005
Jersey City, New Jersey
has been acquired by
London, England


Background

GovPX, Inc. was founded by the leading US bond dealers and inter-dealer brokers, in an effort to meet a congressionally mandated requirement to bring more price transparency to the US Treasury marketplace. By 2004 the company had achieved its mission. Real-time and intra-day derived prices on the full range of securities and derivatives on securities issued by the US government and its agencies had become available from multiple sources. At the same time the US bond market as well as the inter-dealer broker landscape had changed markedly. Several of the firms that had originally founded GovPX were no longer in existence, or no longer independent. Lawrence Leuzzi, GovPX Chairman and Chief Executive Officer, had been involved with the firm since inception. He and the GovPX board of directors recognized that there was one logical buyer of the firm - ICAP plc, the world's largest voice and electronic interdealer broker. ICAP had been involved with the firm since inception, participating in the launch of additional information sets and delivery options. The widely recognized GovPX brand and its network of subscribers was an attractive fit to ICAP’s existing information business. GovPX engaged M&A to provide valuation services in support of negotiations with ICAP.



Overview

On January 13, 2005, GovPX, Inc. was acquired by ICAP plc. Terms of the transaction were not disclosed.

M&A Role

M&A provided valuation services in support of GovPX’s negotiations with ICAP.

Press

GovPX is acquired by ICAP plc

January 13, 2005

GovPx is acquired by ICAP plc

New York, January 13, 2005-- ICAP plc (IAP.L), the world's largest voice and electronic interdealer broker, today announced that it is acquiring all the outstanding shares in GovPX, Inc.

GovPX is a leading provider of US fixed income and derivative information that is distributed worldwide on a 24-hour basis. This information is distributed under the GovPX, AgencyPX, RepoPX and SwapPX brands.

GovPX, Inc. was founded in 1990 by the major bond dealers and inter-dealer brokers in order to address price transparency issues in the US Treasury marketplace. Since the inception of GovPX, ICAP has been involved with its products by participating, co-creating and supplying additional sets of information. GovPX is primarily distributed as an optional service via the major market data vendors which include Bloomberg, Reuters and Telerate and delivery direct to client sites. Through these distribution channels, GovPX supports in excess of 1,000 client sites and has over 8,000 subscribers. In addition, GovPX offers services to disseminate end of day and historical data.

John Nixon, Global Head of ICAP's Information business said, "ICAP has been a partner and data supplier to GovPX since its inception. The widely recognized GovPX brand and its network of subscribers is an attractive fit to our existing information business. We intend to continue the GovPX mission of co-mingling data from various sources, including other interdealer brokers and dealers, as products warrant. We also look forward to enhancing and diversifying the products offered to GovPX's clients."

"We are excited to have certainty in continuing our mission with ICAP, a highly-regarded and respected source of information in the fixed income and derivative marketplace. The content that we currently have, in addition to the breadth of content ICAP will be able to provide, is a tremendous springboard for us to expand our product offering, “stated Lawrence Leuzzi, CEO of GovPX Inc.

GovPX will continue to operate as a separate company within ICAP's Information business as a market data optional service provider under the direction of CEO Mr. Leuzzi. In 2004, GovPx operated as a C-Corp and had total revenues of $15.3m. The acquisition includes GoxPX's working capital of $2.3 million.

About ICAP
ICAP is the world's largest voice and electronic interdealer broker with a daily average transaction volume in excess of $700 billion, 50% of which is electronic. The Group is active in the wholesale market for OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit and equity derivatives.

About GovPX, Inc:
Founded in 1990 by the leading Wall Street dealers and brokers to provide real-time prices, and other related market information on the U.S. Government Treasury securities market, GovPX, Inc. today serves a global marketplace with real-time prices and information regarding all aspects of the fixed-income marketplace. GovPX, Inc. U.S. products include: GovPX Treasuries, SwapPX, RepoPX, AgencyPX, End-of-Day Treasuries and Swaps, and Historical Database. Bloomberg, Reuters Bridge, MoneylineTelerate, CQG, Fidelity and others distribute the GovPX family of products to a worldwide audience. The GovPX, Inc. network disseminates data in fixed-format pages or by digital information feed. The digital format supports proprietary analytics and user-customized screens. For additional GovPX information, see www.govpx.com.

About Marlin & Associates
Marlin & Associates (M&A) provided valuation services to GovPX. M&A is a specialized investment banking advisory and consulting firm providing transaction advice and services to middle-market firms in the financial technology, on-line information and business services sectors. The firm is based in New York City and Washington DC.

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