Jovian Capital Corp. has completed its previously announced acquisition of Felcom Data Services Inc. Felcom provides third-party services such as fund/portfolio performance and analytics, fund accounting, transfer agency and administration.

Felcom currently services more than 25 mutual funds, both in Canada and abroad. In addition, it also acts as transfer agent to several alternative products.

Jovian acquired all of the issued and outstanding shares of Felcom in exchange for 1 million Jovian shares, valued at 80ยข per share, and a $200,000 promissory note payable in cash or shares six months from closing.

“This acquisition allows our affiliate companies access to support services that meet their specific needs, thereby supporting and strengthening our ‘community of interest’ strategic positioning,” says Jovian CEO Philip Armstrong.

Jovian is the parent company of wealth management firms include Rice Financial Group Inc., McFarlane Gordon Inc., T.E. Financial Consultants Ltd., Gibraltar Alternative Asset Consulting Group Inc. and Independent Hedge Inc.

“This transaction will give us access to experienced financial services professionals, as well as provide economies of scale to our operations,” adds Kevin Beatson, president and CEO of Felcom.