Photo: Leaprate
US-based forex and CFDs trading technology provider FDCTech has announced that it is acquiring Genesis Financial, a financial services company with fintech-powered Wealth Management and Direct-to-Consumer operations. FDCTech has signed a non-binding letter of intent (LOI) to acquire a hundred percent equity interest in Genesis.
The terms of the LOI mandate that FDCTech will acquire 100% of the issued and outstanding securities of Genesis for a stock-for-stock transaction, where Genesis shareholders will receive restricted shares as consideration. Following the acquisition, Genesis will become a wholly-owned subsidiary of FDCTech. FINRA member, Garden State Securities Inc., acted as the company’s advisor to the agreement.
Genesis operates its business mainly in the Asia-Pacific region through two Australian entities. The company reported consolidated revenue and EBITDA of USD 15.6 million and $1.2 million, respectively for 2020. With FDC’s software development resources, Genesis is planning to expand in Australia’s fragmented Independent Dealer Group business sector.
FDC’s Chief Executive Officer, Mitchell M. Eaglstein, stated:
"We look forward to closing the transaction with Genesis. The Acquisition will allow us to advance our proprietary fintech capabilities to Genesis. Coupled with our distinct competencies in developing globally compliant multi-asset trading platform and a comprehensive back-office solution will give the Company a strong competitive advantage to expand Genesis’ growth strategy in Australia and other Asia Pacific Region."
Genesis’ CEO, Russell Cameron, said:
"FDC has built an impressive system that is very synergistic with our established Wealth Management team. We expect the coming together of these two companies will enable Genesis to create a competitive advantage in response to technological change and increasingly sophisticated consumer expectations to compete with other legacy Wealth Management platforms successfully. We believe the combination of our two companies will be advantages for both parties and enhance future growth."
Reprinted from Leaprate, the copyright all reserved by the original author.
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