Interactive Brokers (IBKR) has agreed to acquire the privately-held online investing marketplace Covester for an undisclosed amount of money. Covester, which has offices in both Boston and London, is a unique online money manager. With the services of Covester, investors can shop around the company website for various money managers and traders who run investment portfolios looking for a grouping of investments that fits their investing wants/needs. When a user selects a specific investment manager’s portfolio, Covestor will set up an account for the customer that mirrors the portfolio and any moves the manager makes in it. The money manager and Covester then split management fees.

This deal will help Interactive Brokers in their offerings for “robo-advisor” companies. Interactive Brokers CEO Thomas Peterffy said, “We are creating a marketplace that brings investors, wealth managers and money managers together.” Milan Galik, President of Interactive Brokers, added, “this development will enable us to further refine our platform to provide a more complete service to robo-advisor companies in general.”

Steven Holstein, CMO of Covestor, said, “This acquisition increases our ability to rapidly add more portfolio managers to Covestor’s marketplace, provide additional asset classes to clients, and expand our offerings globally.”

The transaction has been approved by both parties’ respective boards and is expected to close in the second quarter of 2015.

For the full press release click here.