SAN FRANCISCO - The Charles Schwab Corp. has agreed to acquire CyBerCorp. Inc., a closely held technology and brokerage firm based in Austin, Tex., in a deal valued at about $488 million.The purchase would enhance Schwab's services for very active investors. Founded in 1995, CyBerCorp. offers active traders the ability to scan multiple electronic communications networks,market makers, and market specialists for the best prices and then place orders. The company also provides its customers with institutional-style streaming quotes and news.
Concurrent with the acquisition announcement, Schwab said it would reduce commissions for its most active customers. The leading discount broker will now charge $19.95 per trade once customers have made more than 30 trades in a quarter and $14.95 per trade once they have exceeded 60. Schwab's normal commission is $29.95.