Mergers and Acquistions News
Categories: Hardware
April 29th 2009, 15:56PM
optionsXpress has announced the acquisition of Optionetics for a cash fee of $20 million (£13.5 million) plus a further consideration based on future performance.
With bases in California and Australia, Optionetics is a provider of investment education services, including live seminars, software analytics and online as well as offline education products.
David Fisher, chief executive officer of optionsXpress, said the acquisition was an "exciting event" for both customers and shareholders.
"With its focus on derivative products, we believe Optionetics will help us further one of our stated objectives of providing education to our customers with the goal of helping them be more successful in their investing," he explained.
Richard Cawood, the chief executive officer at Optionetics, also welcomed the deal, saying that the takeover is a "perfect" fit for their investment students.
optionsXpress is an online investment firm and has been named as the Best Online Broker by Barron's in four out of the last five years.
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