A merger has been announced between financial market tech and data analytics firm Pico and blank-check company FTAC Athena Acquisition. The new entity boasts $1.75 billion in equity, and at the close of the deal it will be publicly traded on NASDAQ. Golden Gate Capital and Wellington Management, among other firms, contributed to the $200 million raised in PIPE investment gross proceeds.
Founder and Co-Chief Executive Officer of Pico Jarrod Yuster describes the merger as an essential step in Pico’s mission to upgrade how financial markets analyze and use data. While modern trading practices are increasingly globalized and fragmented, a strikingly large portion of the financial industry is still struggling to catch up from the days of trading with newspapers and telephones.
Chairman of FTAC Athena Acquisition’s Board Betsy Cohen—herself a stalwart SPAC dealmaker best known for her tenure as Chief Executive Officer of The Bancorp—concurs with this characterization. Cohen characterizes Pico’s position as being on the front lines of “modernizing the financial ecosystem,” and claims its public listing will drive the company’s benefits to new clients and financial markets around the world. Both leaders state that the merger will allow Pico to increase access to advanced data tools through its global technology platform.