LONDON: FairFX plc, a subsidiary of Equals Group has acquired the International Payments business of Hermex International Limited, part of the FXPro Group, for a total consideration of £2 million, payable in cash on completion. Equals Group is the e-banking and international payments group.

HermexFX offers international payment services to a predominantly corporate client base through a personalised service offering. The acquisition will complement the Group’s strategy to develop its fast-growing corporate segment, providing additional corporate clients and cross-selling opportunities for the expanding range of products through their existing sales channels.

The Group’s technology, combined with its expertise in compliance, operations and settlements, means the integration of the HermexFX business into the Group can be achieved efficiently.

The acquisition is made in accordance with the Group’s strategy to consolidate smaller, attractive market participants. It is expected to be immediately earnings enhancing. In addition, the acquisition fits with one of Equals’ stated core strategies of extracting value from increasing economies of scale.

Concurrently with the acquisition, Kyrillos Kyriacou, the current CEO and founder of HermexFX, has joined the Equals Group as an employee and has agreed to subscribe £1 million, for 851,063 new ordinary shares of 1p each in the Company at an issue price of £1.175 per share. The Subscription Shares are subject to a two year lock-in period followed by an orderly market provision.

Ian Strafford-Taylor, Chief Executive Officer, commented: “This acquisition further demonstrates the ambition of the Group to be a dominant force in the payments market. 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. 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.”