Penson Worldwide, a provider of clearing, custody, and settlement services has acquired Nexa Technologies, a California-based provider of direct access retail brokerage systems, for an undisclosed sum.
Under the agreement, Eric Stoop, president of Nexa Technologies, will become president of Penson subsidiary Integrated Trading Systems (ITS).
Penson says the acquisition will enable it to offer a suite of tools for retail brokers, ranging from a basic Web front-end system to a professional trading workstation.
Daniel Son, president, Penson Worldwide, comments: "The addition of Nexa's execution and trade management tools to Penson's extensive suite of outsourced, back office global securities offerings and integrated technology solutions will further strengthen our ability to help our clients maintain their competitive edge."