PEAK6, the Chicago-based investment and technology firm, today announced the acquisition of Electronic Transaction Clearing, Inc. ("ETC"), a custodian and clearing provider with an innovative, technology-driven approach to serving the institutional and professional trading marketplace.
ETC's institutional orientation will expand PEAK6's footprint in custody and clearing and is a direct complement to one of its core businesses, Apex Clearing, which is primarily focused on the retail marketplace. The transaction will align ETC and Apex, two firms with a shared mission to improve foundational financial processes with technology, and position both organizations as alternatives to traditional custodians through the delivery of flexible, customizable, digital solutions that facilitate speed and innovation.
"We look forward to exploring how stronger alignment between the ETC and Apex Clearing brands can result in growth and expansion for both companies and their respective clients," said Bill Capuzzi, partner at PEAK6 and Chief Executive Officer of Apex Clearing. "Combining each firm's distinct philosophy of leveraging technology to enhance service and increase efficiency will strengthen our commitment to leading the digital revolution in custody and clearing."
The business will report to Mr. Capuzzi and continue to operate out of offices in Los Angeles and New York.
Freeman & Co. acted as financial advisor to ETC.
Terms of the transaction were not disclosed.