Piper Jaffray Co. said Wednesday that it had agreed to buy Vie Financial Group Inc.'s broker-dealer unit in order to expand its electronic trading capacity.
The Minneapolis broker-dealer company said it will pay $15 million in cash for Vie Securities LLC, including its proprietary algorithms, direct market access systems, and licensed trading technology.
Twenty-five Vie employees at its headquarters in New York are to move to Piper's office in New York next year. Dean Stamos, the chief executive officer of Vie Securities, is to continue running the business.
The deal is expected to close in the fourth quarter.
