Fidessa Takes Swift Action to Counter Frivolous Lawsuit by S3 Partners
June 29, 2023: Today, on June 29, 2023, Fidessa Corporation (“Fidessa”), an affiliate of the ION Group (“ION”), has become aware of a complaint filed against it in the Courts of New York by S3 Partners LLC (“S3”) alleging, principally, the inability of Fidessa to satisfy a mere $6.25 million payment obligation to S3 under the terms of the investment agreement between Fidessa and S3, dated August 4th, 2021 (the “Investment Agreement”).
The aforementioned claim is totally baseless and without any merit and Fidessa is defending its interests vigorously.
Fidessa has already invested over $33 million in S3 and has in escrow an additional amount of $6.25 million to subscribe redeemable shares in S3 as soon as the relevant conditions in the Investment Agreement are satisfied.
Fidessa believes that the claim is motivated by S3’s failure to meet its business objectives, the violation of the reporting and information obligations under the Investment Agreement, its poor financial performance and its weak cash position.
Fidessa is taking immediate action to protect its interests and safeguard its reputation in all relevant jurisdictions.
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ION Group provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporates. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their business for sustained success through continuous innovation. For more information, visit https://iongroup.com/.
About ION Markets
ION Markets provides transformative technology and solutions to financial institutions dealing in equities, fixed income, foreign exchange, cleared derivatives and secured funding. Our award-winning end-to-end solutions simplify clients’ operations by automating the full trade lifecycle, providing tools to manage risk, and maximizing access to liquidity, while giving real-time access to critical information required for timely operational decisions and execution on a global scale. For more information, visit https://iongroup.com/markets/.