Thomson to buy digiTrade
Information service Thomson Financial acquires digiTrade, an automated Internet and phone-based trading and account management company.
The terms of the deal will not be disclosed, according to Ray Kingman, president of Tompson Investor Networks, a subsidiary of Thomson Financial Services, who will be in charge of the acquired division.
The acquisition brings together a company focused on online brokerage services with the top provider of investment research and content.
digiTrade's systems are currently used by thousands of financial professionals and retail investors, Thomson said. digiTrade's technology solutions are currently used by banks, mutual fund companies, and clearing firms, including at Bank of America, Bear Stearns, CitiBank, and New York Life.
"As an industry innovator, digiTrade is a natural fit for Thomson Financial Services," David J.S. Flaschen, president and chief executive officer of Thomson Financial Services, said in a statement. "digiTrade's strategic positioning is a natural bridge between the institutional and individual investors. By supporting digiTrade's creative efforts to reach investors online, TFS will bring a complete solution to online brokerage."
The company was formed in 1994 and is the first company to bring online brokerage services to the Internet, according to Thomson.
"As our business continues to grow by leaps and bounds, it was essential to find the backing of a strong partner like TFS who could offer both financial resources and synergy across a variety of related business services," said digiTrade's president and co-owner, David McGraw.
The digiTrade acquisition is the 14th Thomson Financial Services acquisition since the beginning of this year. The other acquired companies include Nelson Information and Viga Technologies.
Thomson has more than 6,000 employees and has annual revenues approaching $6 billion. Shares of the company are traded in Toronto, Montreal, and London.