Steadfast Networks, which is trying to create a network for financial trading, has taken a step toward that goal by acquiring Radius IT.
Steadfast, of New York, provides hosting, co-location and managed server services. It said the acquisition of Radius IT, based in Chicago, "spurred the creation" of Steadfast Financial Networks, a set of services for financial trading companies, including market data, consulting, co-location, network services and around-the-clock monitoring. The purchase was announced Monday.
Radius IT is a systems consulting firm with 20 years of experience with financial companies, including electronic trading companies, options traders, hedge funds and investment banking firms. Radius IT provides system design and integration services. Tim Hicks, the previous owner of Radius IT, will work for Steadfast Networks.
Financial services clients will be served through SteadfastFN's co-location facility in Chicago and its New York City locations. The Chicago building shares space with major financial institutions including the Chicago Mercantile Exchange.
"More and more customers desire to work with only one partner for their IT needs," said Karl Zimmerman, founder and CEO of Steadfast Networks.
The company provides execution connections with exchanges including Nasdaq OMX Group, NYSE Arca, BATS exchanges and Direct Edge exchanges.
