SAN FRANCISCO (AP) — Discount broker Charles Schwab Corp. said on Wednesday that it has completed its acquisition of Compliance11 Inc., a provider of software that companies use to ensure their trading and other operations comply with financial regulations.
Schwab announced the deal on Oct. 28, saying it expected the transaction to close before the end of the year. Financial terms were not disclosed.
Chicago-based Compliance 11 was founded in 2005. Users of its compliance automation software include publicly traded companies, brokerage firms, investment advisers, hedge funds, private equity firms and pension funds.
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Schwab, based in San Francisco, said the acquisition will enable it to expand the compliance monitoring and reporting tools that it offers corporate clients.
"Today, more firms are monitoring the trading activity of their employees as a result of increased regulatory focus and concern over corporate reputation," said Jim McCool, executive vice president and head of Institutional Services at Schwab.
Schwab's Designated Brokerage Services serves more than 650 corporate clients that monitor some $30 billion in assets.
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