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CHICAGO - Online options and futures brokerage optionsXpress Holdings Inc. said Wednesday it will acquire Open E Cry LLC, a futures broker.
OptionsXpress will pay $18 million in cash and stock, plus an additional amount based on future performance.
Of the $18 million, $13 million will be paid in cash with another $5 million paid in stock.
The acquisition will help optionsXpress expand its market presences in the futures market.
Open E Cry's platform is designed for high-volume futures traders.
Open E Cry's founder and president, Rick Tomsic, has signed a multiyear contract to work for optionsXpress.
The deal is expected to close July 1.
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