GAIN Capital Holdings, Inc. (GCAP: Quote) said Thursday that it has signed an agreement to acquire online futures broker Open E Cry, LLC from optionsXpress Holdings, Inc., a subsidiary of Charles Schwab Corp. (SCHW).
Founded in 2002, Open E Cry offers direct market access to global exchanges through its proprietary software platform, OEC Trader. The platform allows Open E Cry's client base of high-volume traders to access the futures, options and forex markets all from a single interface.
Open E Cry was founded in 2002, and later acquired by optionsXpress in 2008. Subsequently, optionsXpress was acquired by Charles Schwab in 2011.
As of March 31, Open E Cry held $98.3 million in customer assets, with about 7,856 open accounts. Its revenue was $13.6 million for the fiscal year ended December 31, 2011.
GAIN Capital expects the deal to close during the third quarter, and expects it to be accretive in fiscal year 2012.
Open E Cry will continue to operate as a separate brand and its management team will remain in place.
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by RTT Staff Writer
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