The acquisition will be funded by an underwritten debt facility and existing cash.
OFX expects to deliver at least $5m of pre-tax cost and revenue synergies in FY25 through leveraging its global technology platform, larger footprint of licenses and enhanced product offering, and from benefits of scale such as lower banking fees. >20% in year one and >30% in year two following completion. The Acquisition is expected to generate underlying EPS accretion of approx. The total consideration represents 9.0x Firma’s LTM EBITDA to 30 September 2021. By bringing our businesses together we become a much bigger Corporate specialist with a strong recurring revenue base and considerable growth opportunities.” Firma generates strong earnings from a high-quality customer base and has an excellent service culture, so there is a lot of alignment with OFX. OFX Chief Executive Officer and Managing Director, Skander Malcolm said: “This is our first major acquisition and very much aligned with our strategy of building scale in the Corporate segment and growing the North American region. With combined LTM to September 21 pro-forma Group revenue of A$186.5m and EBITDA of A$55.1m, OFX will be a major specialist Corporate cross border payments provider in Canada. 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. The company has strong commercial expertise and will significantly add to OFX’s volumes in major currency pairs such as USD/CAD and USD/GBP, diversifying its currency flows as well as the industries its Corporate segment currently serves. As at 30 September 2021, Firma had 194 employees, over 9,600 Corporate customers and operates from 9 offices in Canada, Australia, the UK, and New Zealand.įirma’s key products include spot and market orders, multi-currency accounts, payments and mass payments and forward contracts. SYDNEY-( BUSINESS WIRE)-OFX Group Limited (OFX) today announces that it has entered into an agreement to acquire 100% of Firma Foreign Exchange Corporation (Firma) for a total consideration of C$90m (A$98m).īased in Edmonton, Canada and founded in 1998, Firma is a global foreign exchange service provider servicing Corporate clients.
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