Independent execution and research broker ITG announced on Thursday it has acquired 21 patents from Aritas Group, formerly known as Pipeline Trading Systems.
The deal includes both the 21 U.S. patents and their corresponding foreign patents. It does not include any of the software, non-patent assets or personnel of Aritas or its affiliates. Terms of the deal were not disclosed.
ITG said the patents address a broad array of products and services, including block trading, crossing networks and front-end trading systems. The company said the acquisition complements its own intellectual property portfolio, bringing it to a total to 48 U.S. patents, with numerous applications pending.
Bob Gasser, ITG’s president and chief executive officer, said in a statement that the company’s broad base of intellectual capital, including patents, underscores a leadership role in the continued evolution of electronic trading.
Aritas, which changed its name from Pipeline after being rocked by a scandal over its dark pool, has been in the process of selling itself off in parts. Jay Biancamano, former executive chairman of the company, recently joined Portware. Portware also bought many of the key assets of Aritas, including its Alpha Pro product and algorithm switching engine.
Last year, the Securities and Exchange Commission hit Pipeline with a $1 million fine for sending order flow to an affiliate without disclosing that fact to clients. The company’s dark pool, once the centerpiece of its operations, has stopped taking orders.
