OFX Group Completes $70 Million Acquisition of Firma

Australia’s OFX Group Limited announced on Monday the completion of its acquisition of Canada-headquartered Firma Foreign Exchange Corporation. The deal, which is expected to expand OFX’s presence in the global forex and 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 market, has been closed at a total consideration of CA$90 million (around $69.97 million).

The companies first agreed to the acquisition deal last December. The 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 consideration was evaluated at nine times Firma’s last reported EBITDA.

According to the terms of the deal, OFX now owns Firma’s product suite and customer portfolio. It adds 9,600 clients to OFX’s portfolio. The new owner confirmed that there will be no disruption to existing Firma clients, rather it will focus on building a collective strengthened business.

“We’re excited to complete our first major acquisition, and to welcome our new clients and colleagues,” said Skander Malcolm, OFX’s CEO and Managing Director.

“As we bring our businesses together, our first priority will be ensuring there is no disruption to Firma clients or employees. We look forward to building on our collective strengths and excellent service culture by enhancing the experience for clients with our digital capabilities.”

Combining the Businesses

The announcement detailed that combining Finra’s business will increase OFX’s corporate segment revenue by 93 percent. In addition, the pro-forma group revenue of the combined firms touched AU$186.5 million with an EBITDA of AU$55.1 million by the end of last September.

Firma was established in 1998 and offers global foreign exchange services to corporate clients. Its primary products include spot and market orders, multi-currency accounts, payments, mass payments as well as forward contracts.

Furthermore, the acquisition will add strong commercial expertise and add to the pre-existing volumes in major currency pairs offered by OFX. OFX will also acquire the UK business of Firma, but that is still pending regulatory approval.