ICE on track with NYSE integration
IntercontinentalExchange, the Atlanta company that last fall bought the historic New York Stock Exchange, said Tuesday that it is on track with its integration of the business.
By the end of the year, ICE expects to have saved 70 percent of its expected $500 million in savings from overlaps between the companies, ICE said in a statement. It will also report which NYSE Technologies businesses it intends to sell off or dispose of beginning this quarter, and provide more information about its planned public offering of Euronext.
ICE chairman and CEO Jeff Sprecher said in a statement that the company achieved its goals this year, while hitting financial records. The company made $270 million in 2013 on $1.67 billion in revenue, compared to profits of $562 million on $1.36 billion in revenue in 2012.
The figures include about seven weeks of combined results between ICE and NYSE Euronext. The company spent $131 million on acquisition and integration in the fourth quarter.
ICE’s expanded network, Sprecher said, “positions us to continue to develop leading solutions for trading, risk management and capital markets.”
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
