Troubled technology-based investment banking firm SoundView Technologies has sold its interest in Wit Capital Japan to Tokyo-based antfactory.
SoundView expects to receive approximately $2.7 million in connection with the sale. At the same time, SoundView and Wit Capital Japan terminated their joint venture agreement.
"The sale of our interest in Wit Capital Japan was made necessary by the world economic climate and our need to stay focused on our core strengths," says Mark Loehr, SoundView CEO.
SoundView recently reported a net loss for the third quarter of $32.2 million against a $6 million shortfall the previous year.