ICAP snaps up Ocean Tomo

ICAP, a London-based broker, has acquired the transactions division of Chicago-based broker Ocean Tomo for up to $10 million (£6.1 million).

ICAP, a London-based broker, has acquired the transactions division of Chicago-based broker Ocean Tomo for up to $10 million (£6.1 million).

Ocean Tomo specialises in intellectual property broking. The company’s vice chairman, Dean Becker, and nine employees will be joining ICAP.

Michael Spencer, group CEO of ICAP, said: “Patent brokerage is an exciting new field that will help to provide a marketplace and access to liquidity for an asset that has historically not been served by a vibrant trading market.”

ICAP reported an increase in revenues of 23 per cent to £1.6 billion in the year ending March 2009, and pre-tax profits of £281 million.

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary... More by Nick Britton