Dash Financial Technologies, , is set to acquire eRoom Securities, LLC, a Chicago-based provider of prime brokerage solutions, the firm announced this Thursday.
According to a statement released by Dash Financial, it has signed a definitive agreement for the , with the transaction expected to close in the first quarter of 2019. Once acquired, eRoom Securities will be rebranded as Dash Prime, to bring technology and services to the professional trading community.
Currently, eRoom is a provider of brokerage services ranging from multi-asset trading technology, agency execution, risk management, reporting and clearing services. The company offers these services to institutions, hedge funds and professional investors. Post-acquisition, eRoom will continue to be led by its current management team, which is led by Collin Carrico and Ben Schwartz.
“Collin and Ben have built a tremendous business with a loyal client following – we look forward to partnering with their talented team to create Dash Prime and expanding the offering to deliver it to a wider segment of the professional trading community.”
Dash Financial and eRoom acquisition subject to regulatory approval
The deal is now subject to customary closing conditions, such as receiving . For the transaction, Sandler O’Neill + Partners, L.P. was the financial advisor for eRoom and Paul Hastings LLP served as its legal advisor. For Dash, Kirkland & Ellis LLP was the company’s legal advisor.
Source: LinkedIn
“With access to a much wider suite of institutional solutions, we can now offer our clients the ability to solve more problems while passing along the scale and efficiencies technology enables.”
Dash Financial to Acquire Prime Broker eRoom Securities
Published in Analysys
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