OFX responds to international acquisition speculation
(14 November 2018 – Australia) OFX Group is reportedly weighing up new international acquisitions supporting the group’s growth trajectory and key strategic objectives for UK and EU expansion.
OFX responded to media speculation with an official communication stating that “OFX continually reviews potential opportunities and holds discussions with various parties, including Currencies Direct. OFX confirms that it is in compliance with its continuous disclosure obligations and will keep the market informed in accordance with those obligations.”
The global provider of online international payment services for retail and business clients was reported to be eyeing up an acquisition of Currencies Direct, which was acquired by buyout firm Palamon Capital Partners for £200 million in 2015. Private equity owned Currencies Direct is a specialist foreign exchange (FX) and payment solutions provider operating a proprietary platform with a focus on SMEs and HNWIs. Currencies Direct would be a significant market transaction with further support from shareholders required. The group’s share trading higher on the ASX by 50 percent in 2018 led be CEO Skander Malcolm. OFX Group was previously targeted itself by global payments group Western Union however the deal did not proceed. Macquarie Capital is reportedly leading preliminary discussions with Currencies Direct after acting as defence adviser against Western Union and floating OFX on the ASX in 2013 under the branding of ‘OzForex Group.
A global company with its North American headquarters in San Francisco, OFX is intent on continually improving services for businesses and consumers in the international payments space. Earlier this year OFX introduced the new OFX Global Currency Account designed to simplify cash flow management for online sellers trading on international marketplaces. eCommerce merchants can manage multiple currencies in EUR, GBP, USD, HKD, AUD and CAD in one place, saving money on exchange rates and freeing up time. Global Currency Account users can also hold balances, make secure payments to global suppliers and pay taxes directly from the account.
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