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Sunday, February 25, 2024
Virtual Brokers acquired by CI Financial

TORONTO, Sept. 8, 2017 /CNW/ - CI Financial Corp. ("CI") and BBS Securities Inc. today announced they have reached an agreement under which CI will acquire BBS Securities Inc. and associated entities, including Pario Technology Corp., a financial technology company, and Virtual Brokers, a top-ranked online brokerage (collectively, "BBS").  

"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. "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."

BBS provides a wide range of 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. The company has experienced rapid growth over the last six years and Virtual Brokers has been the highest-ranked firm in the annual Globe and Mail ranking of online brokers in four of the last five years. As well, the company's platform is used by a number of investment counsellors and other institutions.

"As one of Canada's largest asset managers, we are ensuring we have the capabilities and the technology to effectively meet the evolving needs of our investors and advisors," Mr. Anderson said.

"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."

The transaction is expected to close in the fourth quarter of 2017, subject to regulatory approvals. Following the close, Virtual Brokers will continue to operate under its current name. Terms of the transaction were not disclosed. Blair Franklin acted as exclusive financial advisor to BBS.

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