Ripple has decided to back out of its deal to buy Fortress Trust. It wont go forward with the plan to acquire the naveda based chartered trust company.
Ripple CEO Brad Garlinghouse revealed that a few weeks ago they had signed a letter of intent to acquire Fortess Trust. However, after further considerations, they since made the decision not to move forward with an outright acquisition
According to Fortress CEO Scott Purcell, an internal disagreement over business priorities for Ripple caused it to hold off on acquiring Purcell’s firm. He clarified that Fortress was aware of Ripple’s change of heart prior to the announcement and that both companies maintain a strong relationship with future plans together.
Bard Garlinghouse also stated that Ripple will remain an investor in Fortress and continue to support them, with the hope of working together in the future.
He further added, “ The Fortress team is incredibly talented and has built products solving real customer problems.”
The buyout deal was announced on September 8th for an undisclosed amount. As per the deal, Ripple was planning to acquire Fortress Trust for FortressPay integration.