Canaccord Genuity Group, a Canadian wealth manager, has agreed to buy direct access broker Jitneytrade and its related technology business Finlogik.
Jitneytrade, which has been established in 2001, is a trader of futures and equity options. Finlogik designs cloud-based investment solutions, and also offers analytical dashboards featuring benchmarking, reporting and data processing tools to help investors gauge performance of their portfolios.
Canaccord Genuity said that the acquisition will boost its market share as Canada’s leading independent trader and will facilitate the development of fintech solutions to support its wealth management business.
Canaccord Genuity head of strategic development Dvai Ghose said: “Jitneytrade and Finlogik offer a range of technological capabilities that create a compelling opportunity to accelerate revenue growth in our business and add key service offerings, as we continue to meet the evolving needs of our institutional and wealth management clients.
“We expect that the differentiated and highly scalable Jitneytrade platform for options and futures trading will benefit our existing clients through an enhanced product and service offering.”
The deal, whose financial terms were not disclosed, is subject to regulatory approvals.