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OFX to Acquire Canadian Foreign Exchange Business Firma.

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Vincent

MANews-(C)2009-2021

Australia-based money services provider OFX Group Ltd. has entered into an agreement to acquire 100% of Canada-based corporate foreign exchange business Firma Foreign Exchange Corp for a total consideration of CDN 90m (USD 69.72m), the group said.

Based in Edmonton, Canada and founded in 1998, Firma is a global foreign exchange service provider servicing corporate clients.

As at 30 September 2021, Firma had 194 employees, over 9,600 Corporate customers and operates from nine offices in Canada, Australia, the UK, and New Zealand.

Firma's key products include spot and market orders, multi-currency accounts, payments and mass payments and forward contracts.

The company has strong commercial expertise and will significantly add to OFX's volumes in major currency pairs such as /CAD and /GBP, diversifying its currency flows as well as the industries its corporate segment currently serves.

The acquisition delivers incremental revenue to OFX's Corporate segment of 93% and to its North America region of 121%1, representing more than five years of organic growth.

With combined LTM to September 21 pro-forma Group revenue of AUD 186.5m and EBITDA of AUD 55.1m, OFX will be a major specialist Corporate cross border payments provider in Canada.

The total consideration represents 9.0x Firma's LTM EBITDA to 30 September 2021. The acquisition is expected to generate...

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