The NAGA Group’s (ETR: N4G) Founder, Ben Bilski, announced yesterday (Sunday) his separation from the company, stepping down from the executive role of Chief Information Officer. His departure came only three months after Capex.com acquired NAGA.

NAGA Group’s Founder Leaves

Although Bilski did not specify the exact reason for his departure, he is now working on a new startup.

“Even though as core founder, I never owned more than 10% of NAGA,” Bilski wrote in the LinkedIn post. “I treated it as if it's all mine and have shown always 100% full-scale commitment towards my job. Sometimes, I loaded a bit too much on my shoulders. I can't hide the fact that such limited ownership makes you then rethink future perspectives, but that’s how business is!”

Bilski founded NAGA in 2015, primarily allowing traders to copy traders of other expert traders. The NAGA platform was developed from his initial idea of SwipeStox, which he wanted to be the ‘Tinder’ of the retail trading industry. NAGA became a handful of forex and contracts for differences (CFDs) brokers that are publicly listed.

Before taking up the role of Chief Information Officer, he headed NAGA as the Chief Executive Officer until June 2023. While stepping down from the CEO role, he highlighted that he was “going back to my roots and providing my skills to extend our platform vision.”

Over the years, NAGA has expanded into areas like payments and even cryptocurrencies.

New Strategies under New Ownership?

Last December, NAGA was acquired by Capex.com, another online trading brand with a significant presence in the Middle East. With the reverse merger, Capex.com's CEO invested $9 million in NAGA and became the merged entity's Group CEO.

In fiscal year 2023, NAGA generated over EUR 45.5 million in revenue and an EBITDA of EUR 7 million, significantly improving from the negative EUR 13.7 million in the preceding year.