PolySign Announces Acquisition of MG Stover

　　The acquisition is expected to be completed in Q2 of 2022.

　　With an aim to enhance the efficiency of digital asset infrastructure available to institutional investors, PolySign confirmed yesterday that it had signed an agreement to acquire MG Stover, one of the fastest-growing digital fund administration companies.

　　The company will pay a mix of cash and PolySign stock for the acquisition. According to PolySign, MG Stover maintains over $40 billion in digital assets under administration for institutional investors and asset managers.

　　PolySign noted that the acquisition will expand the companys offering significantly. Moreover, the fintech firm aims to facilitate institutional investors and asset management companies through improved digital asset products.

　　“MG Stover is the ‘go-to’ administration partner for many of the most sophisticated and successful investors in digital assets. Matt Stover, MG Stovers Founder and CEO, is widely regarded as a visionary in our sector, and we are excited to gain his expertise as a shareholder and a core member of our leadership team,” said the CEO of PolySign, Jack McDonald. “I am proud to welcome the entire MG Stover organization to PolySign.”

　　In May 2021, Cowen and PolySign developed a strategic partnership. In addition, Cowen led PolySigns $53 million Series B funding round.

　　Acquisition

　　The acquisition, which is expected to be completed in the second quarter of 2022, will enable PolySign to deliver a comprehensive, vertically integrated custody, trading and administration offering to institutional investors for digital assets. For PolySign, Macquarie Capital and Cowen served as financial advisors for the deal.

　　“Our success in building institutional best practices for the digital asset ecosystem has helped foster a sector that has grown to over $2 trillion of assets,” said Matt Stover, the Founder and CEO of MG Stover. “Joining the PolySign team is going to bolster our core fund administration offering and enable us to develop new capabilities that will shape the way institutions engage in digital assets for years to come.”