OFX Completes C$90m Acquisition of Canadian Corporate Foreign Exchange Business Firma Foreign Exchange Corporation (Firma)
May 1, 2022
- Firma is a global payments and foreign exchange service provider based in Edmonton, Canada, with specialist FX products and services for Corporate clients
- Acquiring Firma provides OFX with greater scale in the Corporate segment and North America region, adding over 9,600 clients and increasing OFX’s Corporate segment revenue by 93%
- There will be no disruption to Firma clients as OFX builds on the collective strengths of both businesses
- The acquisition of the UK business, Firma Foreign Exchange Corporation (UK) (Firma UK) will complete upon requisite regulatory approval
SYDNEY– OFX Group Limited (OFX) today announced it has completed its acquisition of Firma Foreign Exchange Corporation (Firma) for a total consideration of C$90m (A$98m). The transaction expands OFX’s capability and presence as a global foreign exchange and payments provider.
OFX Chief Executive Officer and Managing Director, Skander Malcolm said: “We’re excited to complete our first major acquisition, and to welcome our new clients and colleagues. 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.”
Under the deal, OFX will acquire Firma’s product suite and customer portfolio. The acquisition adds 9,600 clients to OFX’s portfolio and delivers 93% of incremental revenue to its Corporate segment1. Firma’s strong commercial expertise and significant addition to OFX’s pre-existing volumes in major currency pairs, such as USD/CAD and USD/GBP, will diversify OFX’s currency flows as well as the industries its Corporate segment serves.
Combining Firma’s service excellence and Corporate expertise with OFX’s service excellence, global platform, including global licenses, and technology will enable clients to benefit when moving money across borders, securely, quickly, and cost-effectively as they conduct business globally.
With combined LTM to September 21 pro-forma Group revenue of A$186.5m and EBITDA of A$55.1m, OFX will be a leading Corporate cross border payments provider in Canada.
Completion of the acquisition of Firma’s UK business, Firma Foreign Exchange Corporation (UK) is being finalised and remains subject to regulatory approval.
1 Based on OFX LTM to September 2021 Fee and Trading Income (Revenue) ex-slippage; growth calculated excluding synergies