The Charles Schwab Corporation, an online discount brokerage, announced earlier today in San Fransisco that it has completed the asset acquisition of Motif’s technology and intellectual property.
Motif is a fintech company that provides customised thematic portfolios to investors by leverage technology and data science. Furthermore, the company’s technology platform also supports real-time fractional share trading and tax optimisation strategies within investment portfolios, among other features.
Under the asset acquisition, Charles Schwab has acquired all of the fintech firm’s technology and intellectual property, the company said in its statement today. This includes algorithms, patents and source code.
In addition to acquiring the assets of Motif, the discount brokerage has also hired the majority of Motif’s development and investment talent, the company said. The financial terms of the transaction are not being disclosed.
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Charles Schwab continues with TD Ameritrade acquisition
The completion of its asset acquisition of Motif’s technology and intellectual property comes at the same time that Charles Schwab is trying to complete its acquisition of TD Ameritrade in an all-stock transaction valued at approximately $26 billion.
As Finance Magnates reported, earlier this month the Antitrust Division of the United States Department of Justice (DOJ) alerted the company on the 3rd of June 2020 that it had decided to close its investigation on the proposed acquisition of TD Ameritrade Holding Corporation.
As pointed out by the Securities and Investments Commission (SEC) earlier today, on the 29th of January 2020, TD Ameritrade and Schwab each received a request for additional information and documentary material from the Antitrust Division of the DOJ.
On the 3rd of June, both parties complied with this request, resulting in the DOJ closing its investigation of the proposed acquisition. According to the regulator, the parties expect to receive termination of the waiting period under the HSR Act promptly.