Verition Fund Management is licensing Photon, the proprietary trading technology developed by Eisler Capital, following the London-based hedge fund’s decision to close down, according to a report by Bloomberg.

The report cites an unnamed person familiar with the matter and an internal memo as revealing that while the terms of the deal have not been disclosed, the arrangement allows Verition to tailor the platform to its operations.

Photon, built under the leadership of Eisler founder Sam Wisnia, provides live tracking of trades, positions, and risk exposures across multiple strategies – a critical tool for multi-strategy hedge funds managing tens of billions of dollars. Verition has also hired several former Eisler employees to support a smooth integration.

“This initiative advances the next phase of our technology evolution,” the memo said. “It meaningfully elevates what we can achieve as a firm and further positions Verition for sustained success.”

Eisler, founded by former Goldman Sachs partner Edward Eisler, closed after struggling with declining assets, rising staff costs, and returns that lagged expectations. The firm had planned to fully unwind its portfolio by the end of 2025.