Toronto-based Canaccord Genuity Group Inc. announced Wednesday it is buying Jitneytrade Inc. and its related technology business Finlogik Inc. directly and through the purchase of Finlogik Capital Inc.
The purchase of the Montreal-based firms will bolster Canaccord’s market share in the equity trading business, while also expanding its product offerings to include “futures, options and low latency trading capabilities,” Canaccord says in a news release.
“This addition also brings deep technological expertise, leverages the firm’s existing infrastructure and can aid in the potential future development of discount brokerage and robo-advisory offerings to support the company’s rapidly growing wealth management division,” Canaccord adds.
Terms of the deal were not announced. The transaction remains subject to regulatory approvals and customary closing conditions.
Jintneytrade is a direct access broker. It will continue to be managed by JF Sabourin, as part of Canaccord Genuity’s Canadian operations.
Finlogik has been delivering value-added fintech products in the Canadian market for over 15 years. It will continue to be managed by will continue to be managed by Eric Côté as part of Canaccord Genuity.
“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,” says Dvai Ghose, head of strategic development for Canaccord, in a statement. “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.”
Terms of the deal were not announced. The transaction remains subject to regulatory approvals and customary closing conditions.