US automated exchange Archipelago is to acquire GlobeNet, an electronic communications network for Nasdaq and over the counter Bulletin Board (OTCBB) stocks.
Jerry Putnam, CEO of Archipelago says the addition of GlobeNet's OTC Bulletin Board business fills a niche the company has not previously addressed.
He continues: "GlobeNet has built the first platform focused on turning phone-based, over-the-counter bulletin board (OTCBB) trading into a modern electronic market. With this acquisition, we are immediately the market leader in this arena."
He adds that GlobeNet's expertise in systems development will enhance Archipelago's internal technology resources.
The acquisition is scheduled to close later this year. Terms of the deal were not disclosed.