McLean-based online financial services company Folio Financial Inc. announced Tuesday it will be acquired by New York City-based The Goldman Sachs Group Inc. Both companies provide investment management, asset management and brokerage services.
Financial terms of the transaction were not disclosed.
Acquisition discussions began in 2019, and the transaction is expected to close by the third quarter of this year, according to Folio Financial.
“This transaction … will further enhance our innovations and bring scale to our business, particularly in the execution, clearing and custody space,” Folio Financial CEO Steven Wallman said in a statement. “Goldman Sachs and Folio share a commitment to serving the needs of our clients and to expanding the scope of sustainable, responsible, and impact investing. The combination of Folio’s patented technologies and services with Goldman Sachs’ investment solutions and access to global resources will create material value for our clients.”
Founded in 1999, Folio Financial has been issued 20 patents in the financial services industry. The company employs approximately 160 people and has $11 billion in assets.
This article originally appeared on Virginia Business.
