(Alliance News) - E-banking and payments firm Equals Group PLC said Friday its FairFX subsidiary acquired international payments firm Hermex International Ltd for GBP2 million in cash.
Equals - known as FairFX Group PLC until late June - will buy Hermex from FXPro Group.
"This acquisition further demonstrates the ambition of the group to be a dominant force in the payments market," Equals Chief Executive Officer Ian Strafford-Taylor said. "Utilising our proprietary technology and outstanding operations teams we are able to absorb businesses like HermexFX extremely efficiently."
"The acquisition also shows our commitment to pursuing our strategy of achieving cost efficiencies through scale," Strafford-Taylor added. "We are delighted to have attracted such a high quality, service-led business with an excellent client base, and we welcome the team from HermexFX to the Equals family."
Hermex Chief Executive Officer Kyrillos Kyriacou will join Equals as part of the acquisition. Kyriacou has agreed to subscribe to 851,063 new shares in Equals at 117.50 pence each, worth a combined GBP1 million.
Shares in Equals were 1.7% lower at 115.50 pence in London on Friday.
Equals Gp (EQLS)