CI Financial has announced that it will acquire BBS Securities Inc. and its associated entities, including Pario Technology Corp., a financial technology company, and Virtual Brokers, an online brokerage.
"We are excited to acquire BBS, whose innovative technology has made it a leader in its market," said Peter W. Anderson, CI's Chief Executive Officer, in a Sept. 8 announcement. "As part of this purchase, we are gaining exceptional technology that can be used throughout the CI Financial group of companies to increase the efficiency of our operations and enhance the products and services we offer to financial advisors and their clients."
Uses a proprietary system
BBS provides services to retail and institutional investors using a proprietary system “that is one of the most technologically advanced and efficient brokerage platforms in the Canadian market,” says the announcement. The company's platform is used by investment counsellors and other institutions.
"We are delighted to be joining forces with CI Financial, another company that prides itself on being independent and entrepreneurial," said Bardya Ziaian, Founder, CEO and President of BBS Securities. "Our firm will benefit from the financial strength and stability of CI, which will support investments in technology, product development and service."
Expected to close in Q4 2017
The transaction is expected to close in the fourth quarter of 2017, subject to regulatory approvals. Virtual Brokers will continue to operate under its current name, says CI Financial. Terms of the deal were not disclosed.