AtlasClear Holdings, Inc. (“AtlasClear Holdings”) announced its acquisition and initiation of the integration into its operations of clearing and settlement code from Pacsquare Technologies, LLC.
Following the closing of the business combination (the “Business Combination”) between AtlasClear, Inc. (“AtlasClear”) and Quantum FinTech Acquisition Corporation (“Quantum”), AtlasClear entered into and consummated an acquisition agreement with Pacsquare for front and middleware applications (the “Pacsquare Technology”), as contemplated by a previously disclosed letter of agreement between AtlasClear and Pacsquare. The Pacsquare Technology is expected to provide greater customer experience and lead to scalable expansion through its cloud-based technology. Once fully integrated, AtlasClear Holdings believes the Pacsquare Technology will enhance its system modularity and maintainability, making its infrastructure easier to update and more efficient to run, replace, or scale individual components without affecting the entire system.
“We are very excited about the advantages we expect to realize from the acquisition and integration of the Pacsquare Technology,” said Robert McBey, Chief Executive Officer of AtlasClear Holdings. “Once fully integrated, we believe our system cost will be lower, our customers will experience faster adaptability, and our infrastructure will be ready for distributed assets and AI robo-advisory, while allowing expanded risk management for our future portfolio margin offering. The acquisition of the Pacsquare Technology is also expected to allow correspondents of AtlasClear to gather assets by leveraging technology and the latest trading tools and can potentially help set AtlasClear apart by incorporating vertically integrated cloud-native trading solutions and technology.
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