Steadfast Networks said Monday it acquired Radius IT, in a bid to create a network for financial trading.
Steadfast, based in New York, provides hosting, colocation and managed server services, said it the acquisition of Radius IT, also based in Chicago, "spurred the creation" of Steadfast Financial Networks. This will be a set of services for financial trading companies, including market data, consulting, colocation, network services and around-the-clock monitoring.
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 colocation facility at 350 E Cermak Rd 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. "We are a perfect solution for financial trading companies that want the ease and security of working with one vendor who can handle their data management needs from start to finish.”
The company provides execution connections with exchanges including Nasdaq OMX Group, NYSE Arca, BATS exchanges, Direct Edge exchanges, CBOE, CME and others.