Digital asset platform Bakkt Holdings (BKKT) said it will acquire crypto trading infrastructure firm Apex Crypto from Apex Fintech Solutions, the firm said on Thursday.

Bakkt, which is majority-owned by financial exchange Intercontinental Exchange (ICE), will initially pay $55 million in cash at the closing of the deal, and up to $145 million in Bakkt stock and seller notes upon achievement of some financial targets.

The deal, which is expected to close in the first half of 2023, will offer revenue growth, cost saving and synergies for Bakkt. It will also help the firm expand its crypto client base. Apex Crypto offers solutions for execution, clearing, custody, cost basis and tax services.

Established in 2018, Bakkt initially raised $182.5 million to build out its bitcoin (BTC) futures and options product. It went public last October after completing a merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings.

Goldman Sachs (GS) was the financial advisor for Bakkt. Wilson Sonsini Goodrich and Rosati, PC, and Alston & Bird LLP were acting as legal advisors for Bakkt, while Sidley Austin LLP was legal advisor to Apex Fintech Solutions.

“With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers," said Gavin Michael, CEO of Bakkt. "It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.”

UPDATE (Nov. 3, 11:11 UTC): Adds additional information.

UPDATE (Nov. 3, 11:02 UTC): Adds context, additional information throughout.