Cornerstone FS to Acquire Capital Currencies for £3 Million
- Capital Currencies is a UK-regulated foreign exchange broker.
- The payment will be made in a mixture of cash, new ordinary shares and convertible notes.
Cornerstone FS (AIM: CSFS), a cloud-based provider of currency risk management and international payments, has entered into a conditional agreement for the acquisition of Capital Currencies Limited for up to £3 million.
“This acquisition marks a significant milestone in Cornerstone’s history as we deliver on our aim, as stated when we joined the market last year, to grow via acquisition as well as organically,” said the CEO of Cornerstone, Julian Wheatland.
Capital Currencies is a foreign exchange broker that specializes in the provision of currency exchange and international payments. The platform was launched in 2004 and is regulated by the United Kingdom’s Financial Conduct Authority (FCA) as a payment institution.
In the fiscal year ended on January 2021, Capital Currencies generated a turnover of approximately £0.598 million, along with a pre-tax profit of around £0.34 million. It closed that year with net assets worth £0.12 million.
A Strategic Acquisition
The acquisition came in as a strategic move as Capital Currencies’ client base is in the UK. Further, it will help Cornerstone to expand its presence in the core target market and increase revenue generated by direct clients.
“Capital Currencies is an excellent strategic fit thanks to its focus on providing high-level currency exchange and international payments services directly to larger UK-based SMEs,” Wheatland added. “As a result, this acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term is expected to accelerate our growth, being earnings accretive from the current year and expand our presence in our core target market. We welcome the Capital Currencies team to the Cornerstone group, and we look forward to working together to continue to progress our business.”
Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term for the acquisition will be made with a mixture of cash, new ordinary shares and convertible loan notes. The first instalment of £0.586 million in cash will be paid after the completion subject to customary working capital adjustment, whereas the rest will be paid in new ordinary shares and convertible loan notes over the next two years.
As a part of the agreement, the Founder of Capital Currencies, Craig Strong and the existing employees will remain within the company after the acquisition.
Meanwhile, Cornerstone is expecting a 38 percent jump in its fiscal 2021 revenue, which is expected to touch £2.3 million. Furthermore, the company is planning to raise a minimum of £0.85 million in fresh funding by placing new ordinary shares.
Cornerstone FS (AIM: CSFS), a cloud-based provider of currency risk management and international payments, has entered into a conditional agreement for the acquisition of Capital Currencies Limited for up to £3 million.
“This acquisition marks a significant milestone in Cornerstone’s history as we deliver on our aim, as stated when we joined the market last year, to grow via acquisition as well as organically,” said the CEO of Cornerstone, Julian Wheatland.
Capital Currencies is a foreign exchange broker that specializes in the provision of currency exchange and international payments. The platform was launched in 2004 and is regulated by the United Kingdom’s Financial Conduct Authority (FCA) as a payment institution.
In the fiscal year ended on January 2021, Capital Currencies generated a turnover of approximately £0.598 million, along with a pre-tax profit of around £0.34 million. It closed that year with net assets worth £0.12 million.
A Strategic Acquisition
The acquisition came in as a strategic move as Capital Currencies’ client base is in the UK. Further, it will help Cornerstone to expand its presence in the core target market and increase revenue generated by direct clients.
“Capital Currencies is an excellent strategic fit thanks to its focus on providing high-level currency exchange and international payments services directly to larger UK-based SMEs,” Wheatland added. “As a result, this acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term is expected to accelerate our growth, being earnings accretive from the current year and expand our presence in our core target market. We welcome the Capital Currencies team to the Cornerstone group, and we look forward to working together to continue to progress our business.”
Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term for the acquisition will be made with a mixture of cash, new ordinary shares and convertible loan notes. The first instalment of £0.586 million in cash will be paid after the completion subject to customary working capital adjustment, whereas the rest will be paid in new ordinary shares and convertible loan notes over the next two years.
As a part of the agreement, the Founder of Capital Currencies, Craig Strong and the existing employees will remain within the company after the acquisition.
Meanwhile, Cornerstone is expecting a 38 percent jump in its fiscal 2021 revenue, which is expected to touch £2.3 million. Furthermore, the company is planning to raise a minimum of £0.85 million in fresh funding by placing new ordinary shares.