CHICAGO BlueSuit Inc., a provider of brokerage and related financial services to community financial institutions, has purchased Online Brokerage Solutions Inc. from Stockwalk Group Inc.
Stockwalk Group, of Minneapolis, is to receive an undisclosed amount of cash and preferred securities in BlueSuit in exchange for Online Brokerage Solutions outstanding capital stock and some of Stockwalks assets.
Online Brokerage Solutions helps its clients add trading services to their Web sites. In buying the company, BlueSuit gains relationships with more than 100 financial institutions.
BlueSuit provides its services through an exclusive relationship with Star Systems.
Ryan Lanham, president, chief executive officer, and co-founder of BlueSuit, said in a Tuesday press statement announcing the deal that Online Brokerage Solutions has been very successful in attaining financial institution and alliance partners, and it is our intent to couple its accomplishments with our own customer acquisition model.
Eldon C. Miller, chairman and CEO of Stockwalk Group, said, The sale of OBS to BlueSuit enables Stockwalk Group to sharpen its focus on its other traditional lines of securities business.