London based brokerage London Capital Group Holdings (LON:LCG) has just announced in a regulatory filing that the company acquired a software development firm based in Cyprus. The move is aiming to boost the company’s own proprietary trading platforms offering, as LCG is banking on a big marketing effort in the coming months.
Cypriot software company Surecom has been acquired from Spotware Systems Limited. According to the company’s announcement, “The acquisition of Surecom will facilitate the further development and enhancement of the Company’s dealing platforms and new advanced technologies.”
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The company reported disappointing results for the first half of the year, however in an exclusive statement to Finance Magnates, the CEO of London Capital Group Holdings (LON:LCG) Charles-Henri Sabet, who increased his stake in the brokerage, has expressed that the worst quarters of the firm are behind it.
Spotware Systems is known in the industry for being the company behind one of the main challengers of MetaTrader 4. The company has developed cTrader, cAlgo and cMirror to provide alternative trading platform solutions to the market. A number of brokerages are offering cTrader to their clients, making it one of the few more widely distributed alternatives to MT4.
To finance the acquisition, London Capital Group Holdings (LON:LCG) will issue 3,754,614 new ordinary shares with an application for the listing of new shares already being filed. The Admission is expected to occur on the 9th of October 2015, after which the float of London Capital Group Holdings (LON:LCG) shares will amount to 79,846,890 ordinary shares.