US based ADP Brokerage Services has acquired back office brokerage software provider Power Securities Systems (PSS) for an undisclosed sum.
Connecticut based PSS serves several niche market firms, processing a variety of securities instruments such as equities and municipal and corporate bonds.
David Swift, senior vice president of ADP Brokerage says: "PSS will enable us to penetrate niche and emerging market participants that are evaluating entering into a self-clearing arrangement."