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OFX Group Limited has completed its acquisition of Firma Foreign Exchange Corporation for C$90m (A$98m), enhancing its presence in the corporate payments market. This acquisition adds over 9,600 clients and boosts the corporate segment's revenue by 93%. Chief Executive Officer Skander Malcolm emphasized maintaining uninterrupted service for Firma's clients. The integration of Firma's expertise and client portfolio is expected to diversify OFX’s currency flows and strengthen its global platform. The acquisition's completion is pending regulatory approval for Firma's UK business.
OFX Group Limited has announced its agreement to acquire Firma Foreign Exchange Corporation for C$90 million (A$98 million), representing 9.0x Firma’s last-twelve-months EBITDA as of September 30, 2021. This acquisition aims to enhance OFX's scale in the Corporate segment, adding over 9,600 clients and increasing North American revenue by 121%. Projected underlying EPS accretion is expected to exceed 20% in Year 1 and 30% in Year 2, supported by significant cost and revenue synergies. Funding will be via an underwritten debt facility and cash, with expected completion in Q1 FY23.
On October 19, 2021, AVASK Group announced a partnership with OFX to enhance services for its e-commerce clients. OFX will provide Global Currency Accounts and currency risk management, allowing sellers to manage payments in 7 currencies and transact in over 50 currencies with competitive rates. This collaboration aims to streamline cross-border transactions for online sellers, enabling them to receive local payments without currency conversion. Both companies emphasize supporting global expansion for their clients.
OFX and the NHL have formed a multiyear sponsorship, making OFX the Official Currency Exchange Provider in North America. This partnership will enhance currency exchange services for teams, players, and fans, while also managing some of the NHL's currency exchange needs. OFX will sponsor the NHL.com OFX Trade Tracker and have brand visibility at prominent NHL events, including the 2022 NHL Heritage Classic and Stadium Series. According to recent OFX surveys, 69% of respondents are considering international expansion in the upcoming year, highlighting the growing demand for such services.
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