Overstock.com To Acquire SpeedRoute Technologies And Related Businesses

(RTTNews) - online retailer Overstock.com, Inc. (OSTK) on Wednesday said it has entered into agreements to acquire a group of related, privately held financial technology companies, and has closed the acquisition of the assets of one of those companies. These acquisitions were made through Overstock's t0 subsidiary. This transaction is a pioneering development in connecting crypto capital markets to existing national markets.

SpeedRoute currently routes approximately 2.5 percent of U.S. equity order flow. The acquisition of SpeedRoute and its underlying technologies positions Overstock to connect t0 trading to the entire U.S. equity market. The combination of SpeedRoute's infrastructure and critical mass connectivity with the t0 blockchain software plugged into the U.S. equity markets creates a paradigm-changing moment for capital markets, stated Overstock officials.

The total purchase price for the group of businesses will be paid in cash and Overstock common stock. The majority of the deal closed today. The acquisition of certain assets remains subject to regulatory notification requirements. As a result of this transaction, SpeedRoute and its related companies will be held within Overstock's subsidiary, t0, in which Overstock's ownership stake increases to 81 percent.