Parthenon Capital Sells Institutional Cash Distributors, a Leading Independent, Multi-Fund Investment Platform for Corporate Treasury Professionals, to Tradeweb Markets, Inc.


SAN FRANCISCO, CA – Parthenon Capital, a leading growth-oriented private equity firm, announced today the signing of a definitive agreement to sell Institutional Cash Distributors, LLC (“ICD”), an institutional investment software and technology provider for corporate treasury organizations trading short-term investments, to Tradeweb Markets, Inc. (NASDAQ: TW). The closing of the transaction is subject to customary conditions and regulatory approvals.

Based in Golden, CO, the ICD portal services 500 corporate treasury clients (including nearly 20% of the S&P 100), across 65 industries and more than 45 countries. With over $230B in assets managed through its cloud-based platform, ICD’s software solution enables treasury teams to proactively manage liquidity and financial risk, by offering unbiased access to a wide selection of investment products and detailed visibility into exposures at the holdings level.

Parthenon Capital initially invested in ICD in January 2018. Throughout the partnership, Parthenon Capital and management invested in the Company to build the market leading technology solution in corporate treasury liquidity and risk management. Since 2018, ICD more than doubled its assets and expanded its product capabilities, including the launch of Portfolio Analytics, an AI-driven platform that enables treasury professionals to analyze and report on portfolio and counterparty risk.

“We are excited about our future with Tradeweb and our ability to continue providing innovative technology and exceptional service to our clients. The combined offering delivers even more of what corporate treasury wants, and together, we will be able to unlock the full potential of our technology,” said ICD CEO, Tory Hazard. “Parthenon has been a phenomenal partner throughout the past six years. Their deep commitment, strategic resources and expertise in financial technology services played an all-important role in shaping ICD into the world-class organization it is today.”

Andrew Dodson, managing partner at Parthenon, said, “When we originally partnered with ICD, we saw an opportunity to build upon their track record of providing exceptional service to the most recognizable and demanding treasury departments to broaden their product offerings and deliver enhanced solutions to the market. Tory and the entire ICD management team have done a fantastic job building ICD into a global market leader with an incredible opportunity for continued growth.”

Brian Golson, co-CEO of Parthenon, added, “We have thoroughly enjoyed working with ICD and are extraordinarily proud of what we have achieved together. We wish the team all the best as they embark on their next stage of growth with Tradeweb.”

Raymond James & Associates, Inc. and Moelis & Company served as financial advisors and Kirkland & Ellis, LLP and Cooley, LLP served as legal advisors to Parthenon and ICD. J.P. Morgan Securities LLC served as the lead financial advisor to Tradeweb. Morgan Stanley & Co LLC also provided advice. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor.



Founded in 2003, ICD is a trusted provider of institutional investment technology. For more than two decades, ICD has developed workflow solutions to assist organizations with independent research, trading, analytics and investment reporting. ICD’s many award-winning solutions co-innovated with clients demonstrate its commitment to serving the needs of the institutional investment community. To learn more, please go to


Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in healthcare, financial and insurance services, and technology services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit


Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 70 countries. On average, Tradeweb facilitated more than $1.5 trillion in notional value traded per day over the past four quarters. For more information, please go to