Overstock.com Inc. (Nasdaq: OSTK) has closed a deal for SpeedRoute, a technology provider, in a deal valued at $30.3 million.
SpeedRoute, headquartered in New York, provides financial technology services that aim to increase broker-dealer profits and productivity. The technology includes routing, infrastructure and transaction services.
The purchase price is made up of about $11 million in cash and shares of Overstock common stock valued at about $19.3 million.
Online marketplace Overstock made the acquisition through subsidiary t0, which develops technology that aims to make private and public equities trading secure. Overstock says the deal should help connect crypto capital markets to existing national markets.
Salt Lake City, Utah-based Overstock sells furniture, rugs, bedding, electronics, clothing and jewelry online. The company says it was the first major online retailer to accept bitcoin, in January 2014.
There have been several other financial technology acquisitions recently, including Markit’s (Nasdaq: MRKT) deal for foreign exchange trade services provider DealHub, and Fidelity National Information Services Inc.’s purchase of SunGard Data Systems Inc.