Dash Financial Technologies has signed a definitive agreement to acquire eRoom Securities, a Chicago-based provider of clearing, reporting and brokerage technologies, for an undisclosed amount.
The move marks Dash’s entrance into the brokerage space and follows on from last year’s merger in March with LiquidPoint, Convergex’s options trading and technology business.
The eRoom platform will be rebranded as Dash Prime and will continue to be headed up by eRoom Securities’ current CEO, Collin Carrico, and president, Ben Schwartz.
Peter Maragos, CEO and co-founder of Dash Financial Technologies, says both platforms will eventually be integrated and the move will mean the eRoom clients will have access to Dash’s suite of multi-asset routers, algorithms and trading tools, as well as transparency, reporting and analytics capabilities. The acquisitions will allow Dash to provide prime brokerage services for the first time.
“Our primary goal is simply to keep growing by providing clients the best technology and service possible,” says Maragos. “Institutional clients globally are focused on best execution and are consequently in need of highly configurable, transparent and data-driven solutions that shape performance.”
The deal is expected to close in the first quarter of 2019. Both firms are currently in talks to finalize the outstanding arrangements and regulatory approvals.
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