Technology provider ParagonEX has agreed to purchase the intellectual property of Superdev. The company is also acquiring an office lease and a developer team in Sofia, Bulgaria. The move comes amid an increasingly competitive market for providers of FX and CFDs technology to white labels.
According to the official announcement the B2B provider of trading platforms, has agreed to acquire all of SuperDev’s intellectual property. After the acquisition is complete, ParagonEX will complete its current product offering with a transaction processing platform.
The value of the deal has not been disclosed. The technology and IP assets of Superdev are complemented by an experienced management team and employees, together with a list of reliable, revenue-generating clients.
Commenting on the deal, a company spokesperson shared that aside from improving the time to market of the company’s platform, ParagonEX will also be integrating some of Superdev’s features into its existing offering. Among the new features are some recently developed AI and deep learning features to be added into the newly acquired products.
Forex Trading Disruptor Sees Growth Thanks to Offshore Regulated StatusGo to article >>
Elaborating on the client assets of Superdev, the spokesperson said: “We acquired Superdev’s IP and technology and through an extensive due diligence process ensured we will only keep the brokers that uphold ParagonEX’s high standards of integrity. Deals with brokers who did not meet those were terminated.”
The acquisition will enable ParagonEX to increase the company’s customer base by providing a more agile solution to small and medium-sized brokers. The product suite will be branded ParagonEX Dynamic.
The new acquisition will be added to the company’s existing line up of products including the long-standing ParagonEX Prime, which is an enterprise solution for large retail CFDs brokers.
ParagonEX intends to continue pursuing its growth strategy as a broker technology provider through organic growth, as well as acquisitions designed to expand its product offering and customer base.