Thursday, before the deal was made public, RIAs that use Folio as a custodian received calls from the company. Wallman wrote that the deal with Goldman will enhance Folio’s innovation and help scale its business “particularly in the execution, clearing, and custody space.” The acquisition of Folio by Goldman Sachs brings together two leading financial services firms for the continuing benefit of our clients and business partners,” Thursday’s letter, addressed from Folio CEO Steve Wallman, said. “Since its inception 20 years ago, Folio has been at the forefront of financial services innovation - creating, inventing and offering technology and investment solutions that are among the best in the industry. Goldman Sachs declined to comment on the deal until it has been approved. Specific terms of the deal were not disclosed.Ī Reuters story published Thursday noted that public companies typically disclose the price for acquisitions on deals worth more than $500 million. The two companies began discussions in 2019 and the deal, subject to regulatory approval, is expected to close in the third quarter of 2020, according to a letter sent to Folio’s retail users Thursday and reviewed by RIA Intel.
Goldman Sachs (ticker: GS) has agreed to acquire Folio Financial, a self-clearing broker-dealer and technology company.
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