PEAK6, a U.S.-based investment and technology firm, announced on Monday it has acquired Electronic Transaction Clearing, a custodian and clearing provider. According to PEAK6, ETC’s institutional orientation will “expand” the company’s footprint in custody and clearing and is a direct complement to one of its core businesses, Apex Clearing. PEAK6 further explained:
“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.”
Speaking about the acquisition, Bill Capuzzi, partner at PEAK6 and CEO of Apex Clearing, stated:
“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. 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.”
Terms of the transaction were not disclosed.