Robo-advisor Covestor was acquired by Interactive Brokers for an undisclosed amount. Covestor had a subscriber base of over 50k in 2014 and had raised a total of $28m from USV, Spark Capital, Amadeus Capital and Bay Partners.
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Interactive Brokers buys Covestor
Interactive Brokers Group Inc. agreed to buy online investing marketplace Covestor, a deal that will help its offerings for “robo-adviser” companies. Covestor, which has offices in Boston and London, allows investors to compare and select money managers, offering active and passive investment options. Its Portfolio Sync technology automatically replicates trades. Terms of the deal weren’t disclosed.
