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AtlasClear Acquires Technology Assets from Pacsquare Technologies
AtlasClear Holdings Now Has Fully Owned IP to Cloud-based Front and Middleware Technology
TAMPA, Fla., February 26, 2024--(BUSINESS WIRE)--AtlasClear Holdings, Inc. ("AtlasClear Holdings") (NYSE: ATCH) today announced its acquisition and initiation of the integration into its operations of clearing and settlement code from Pacsquare Technologies, LLC (https://www.pacsquare.com/)
Following the closing of the business combination (the "Business Combination") between AtlasClear, Inc. ("AtlasClear") and Quantum FinTech Acquisition Corporation ("Quantum"), AtlasClear entered into and consummated an acquisition agreement with Pacsquare for front and middleware applications (the "Pacsquare Technology"), as contemplated by a previously disclosed letter of agreement between AtlasClear and Pacsquare. The Pacsquare Technology is expected to provide greater customer experience and lead to scalable expansion through its cloud-based technology. Once fully integrated, AtlasClear Holdings believes the Pacsquare Technology will enhance its system modularity and maintainability, making its infrastructure easier to update and more efficient to run, replace, or scale individual components without affecting the entire system.
"We are very excited about the advantages we expect to realize from the acquisition and integration of the Pacsquare Technology," said Robert McBey, Chief Executive Officer of AtlasClear Holdings. "Once fully integrated, we believe our system cost will be lower, our customers will experience faster adaptability, and our infrastructure will be ready for distributed assets and AI robo-advisory, while allowing expanded risk management for our future portfolio margin offering. The acquisition of the Pacsquare Technology is also expected to allow correspondents of AtlasClear to gather assets by leveraging technology and the latest trading tools and can potentially help set AtlasClear apart by incorporating vertically integrated cloud-native trading solutions and technology."
For more information on Trading and Clearing solutions, please contact Louis Helsen at lhelsen@wdco.com
About AtlasClear Holdings, Inc.
AtlasClear Holdings plans to build a cutting-edge technology enabled financial services firm that would create a more efficient platform for trading, clearing, settlement and banking of evolving and innovative financial products with a focus on the small and middle market financial services firms. The goal of AtlasClear Holdings is to have a fully vertically integrated suite of cloud-based products including account opening, trade execution, risk management, regulatory reporting and settlement. The team that leads AtlasClear Holdings consists of respected financial services industry veterans that have founded and led other companies in the industry including Penson Clearing, Southwest Securities, NexTrade and Anderen Bank.
About Wilson-Davis & Co., Inc.
Wilson-Davis & Co. Inc. ("Wilson-Davis") is a full-service correspondent securities broker-dealer. The company is registered with the Securities and Exchange Commission ("SEC"), the Financial Industry Regulatory Authority and the Securities Investor Protection Organization. In addition, Wilson-Davis is a member of DTCC as well as the National Securities Clearing Corporation. Headquartered in Salt Lake City, Utah and Dallas, Texas. Wilson-Davis has been servicing the investment community since 1968, with satellite offices in California, Arizona, Colorado, New York, New Jersey and Florida.
About Commercial Bancorp of Wyoming
Commercial Bancorp of Wyoming ("Commercial Bancorp") is a bank holding company operating through its wholly-owned subsidiary, Farmers State Bank ("FSB") and has been servicing the local community in Pine Bluffs, WY since 1915. It has focused the majority of its services on private and corporate banking. A member of the Federal Reserve, FSB is expected to be a strategic asset for AtlasClear Holdings’ long-term business model.
Cautionary Statements Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that reflect AtlasClear Holdings’ current views with respect to, among other things, the future operations and financial performance of AtlasClear Holdings. Forward-looking statements in this communication may be identified by the use of words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "foreseeable," "future," "intend," "may," "outlook," "plan," "potential," "proposed" "predict," "project," "seek," "should," "target," "trends," "will," "would" and similar terms and phrases. Forward-looking statements contained in this communication include, but are not limited to, statements as to (i) AtlasClear’s expectations as to various operational results, (ii) AtlasClear’s anticipated growth strategy, including the proposed acquisition of Commercial Bancorp and (iii) the anticipated benefits of the online account application.
The forward-looking statements contained in this communication are based on the current expectations of AtlasClear Holdings and its management and are subject to risks and uncertainties. No assurance can be given that future developments affecting AtlasClear Holdings will be those that are anticipated. Actual results may differ materially from current expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond the control of AtlasClear Holdings. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them.
Such factors include, but are not limited to: AtlasClear’s inability to successfully integrate, and/or realize the anticipated benefits of, the acquisition of Wilson-Davis & Co., Inc. and the technology acquired from Pacsquare Technologies LLC (the "Transaction"); failure to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of AtlasClear Holdings to maintain relationships with customers and suppliers and strategic alliance third parties, and to retain its management and key employees; AtlasClear Holdings’ inability to integrate, and to realize the benefits of other potential acquisitions; AtlasClear Holdings’ ability to successfully implement the online account application and to realize its anticipated benefits; changes in general economic or political conditions; changes in the markets that AtlasClear Holdings targets; slowdowns in securities or cryptocurrency trading or shifting demand for trading, clearing and settling financial products; any change in laws applicable to AtlasClear Holdings or any regulatory or judicial interpretation thereof; and other factors, risks and uncertainties, including those that were included under the heading "Risk Factors" in AtlasClear Holdings’ Annual Report on Form 10-K filed with the SECon April 16, 2024 and its subsequent filings with the SEC. AtlasClear Holdings cautions that the foregoing list of factors is not exhaustive. Any forward-looking statement made in this communication speaks only as of the date hereof. Plans, intentions or expectations disclosed in forward-looking statements may not be achieved and no one should place undue reliance on such forward-looking statements. AtlasClear Holdings does not undertake any obligation to update, revise or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Source: Yahoo finance ⤤