California-based financial information vendor DirectPlacement has entered a definitive agreement to acquire the assets of institutional trading firm PCH Securities. Terms of the deal were not disclosed.
Under the agreement, which is scheduled to close this month, PCH Securities will move its operations to DirectPlacement's headquarters in California. Timothy Hurley, a principal of PCH Securities, will become the head of institutional trading in DirectPlacement's capital markets unit.
Brian Overstreet, president and chief executive officer of DirectPlacement, says the new trading capability acquired from PCH will broaden the customer base for the company's existing financial research databases and future research and database products.