Chi-X(R) Global Inc., a holding company for the regional operations of Chi-X market centers, has announced the acquisition of substantially all the business and assets of Cicada Corporation for an undisclosed amount.

Cicada provides a range of data management and trading technologies to the financial markets. It delivers solutions for algorithmic trading infrastructure, real-time market data and reference data management and Know Your Customer business process management.

Under the arrangement, Gregory E. Smith, Cicada founder and CEO will become the head of Chi-X Global's newly-created exchange services business unit ‘Chi-X Global Technology, LLC’, which will operate separately from Chi-X's regional trading platforms.

However, the company did not announce the terms of the deal.

Chi-X aims to provide investors around the world with the most efficient market trading possible through its high-speed, low-cost, intelligent trading model.

Financial Technology Partners LP and FTP Securities LLC acted as exclusive strategic and financial advisor to Cicada in this transaction.