ICAP, a London-based broker, has acquired the transactions division of Chicago-based broker Ocean Tomo for up to $10 million (£6.1 million).

ICAP, a London-based broker, has acquired the transactions division of Chicago-based broker Ocean Tomo for up to $10 million (£6.1 million).

Ocean Tomo specialises in intellectual property broking. The company’s vice chairman, Dean Becker, and nine employees will be joining ICAP.

Michael Spencer, group CEO of ICAP, said: “Patent brokerage is an exciting new field that will help to provide a marketplace and access to liquidity for an asset that has historically not been served by a vibrant trading market.”

ICAP reported an increase in revenues of 23 per cent to £1.6 billion in the year ending March 2009, and pre-tax profits of £281 million.