E*Trade to acquire Versus Technologies

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E*Trade Group said it signed a definitive agreement to acquire Versus Technologies, a Toronto-based provider of electronic securities trading services for institutional and retail investors, and owner of the E*Trade Canada license. Through the acquisition, E*Trade will gain access to the Versus retail and institutional client base, as well as the Versus Network, a scalable proprietary electronic trading platform that is planned to be incorporated into E*Trade's product offerings worldwide. Versus security holders will be entitled to receive approximately $174 million of E*Trade common stock.

Copyright June 2000, Crain Communications Inc.

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