Dallas, May 19, 2005 â Penson Worldwide, Inc., a leading provider of execution, clearing, custody and technology infrastructure products and services to the global securities market, today announced that its subsidiary, SAI Holdings, Inc., intends to acquire Computer Clearing Services (CCS). Headquartered in Glendale, California, CCS is one of the U.S.â leading clearing firms focusing on the active/online trading market. This acquisition underscores Pensonâs increasing role in the global securities processing arena, expanding the global firmâs correspondent client base to over 225 correspondents. The exact terms of the agreement were not disclosed.
Daniel P. Son, President of Penson Worldwide, says: "CCSâ focus on leading edge technology in the U.S. clearing space is an excellent strategic fit for Penson. Thanks to our focus on delivering flexible technology solutions to maximize efficiencies, reduce costs and improve Straight-Through Processing for our clients, Penson has matured from a clearing startup to one of the top five clearing firms in terms of number of correspondents in the United States, Canada and the U.K. CCSâ market share will further boost Pensonâs rapid growth over the past decade."
Richard W. Barber, President, CCS, comments: "Pensonâs host of leading-edge solutions and streamlined services provide superb added-value to our customer base. Penson and CCSâ business models share their focus on ensuring the most efficient use of technology to enable our respective clients to build and maintain their competitive edge. Now, as a combined team, we look forward to helping our customers continue their business growth, offering the most efficient and effective solutions within a flexible framework."
Thanks to this acquisition, CCS correspondent clients will have access to Pensonâs comprehensive range of products, services and technology solutions, from Direct Market Access execution, OMS, historical and real-time market data to clearing, custody and settlement services. Of particular interest to CCSâ retail and institutional broker-dealer client base, Penson can provide immediate access to its futures and currencies trading, international markets and proprietary trading platforms.
The closing of this acquisition is subject to obtaining various consents and the fulfillment of certain conditions and is expected to occur during the third quarter of 2005.