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Thomson Reuters has agreed to acquire FX Alliance (FXall), an independent global provider of electronic foreign exchange trading solutions to corporations and asset managers for £625m.

The financial information specialist will acquire 100 per cent of FXall shares for which it will pay $22 (£14) per share in cash.

The companies point to complementary customer bases and long-standing relationships with bank liquidity providers as the core benefits of the deal.

“Thomson Reuters and FXall have established leading positions in complementary aspects of electronic FX trading,” said Abel Clark, managing director orf Marketplaces at Thomson Reuters.

“This combination will enable us to provide our customers with integrated management of trades through the entire lifecycle, delivering the benefits of a more streamlined trading process and more efficient execution.”

The agreement will see Thomson Reuters launch a tender offer, which the FXall Board has unanimously resolved to recommend that all shareholders accept.

Technology Crossover Ventures, FXall’s largest shareholder, Phil Weisberg, chairman and chief executive officer and John Cooley, chief financial officer, who collectively own 32.5 percent of FXall’s outstanding shares, have already agreed to tender their shares into the offer.

Thomson Reuters also recently acquired London-based mobile platform and product development firm Apsmart in a bid to bolster its mobile capabilities.