The FinancialThe well-known AU and UK registered broker, AxiCorp has announced that after long negotiations, the firm will acquire the UK-based fintech and trading technology company, Star Financial Systems. The acquisition is said to be transacted in cash, highlighting AxiCorp’s well-known recent position as a company on the hunt for strategic acquisitions.
Under the terms of the deal, AxiCorp will take on all technology, staff, operations and licenses of Star Financial, indicating that the trading technology providers proprietary functions and business are either essential or highly complimentary of AxiCorp’s business in the United Kingdom and elsewhere.
Commenting on the acquisition in the company’s press-release, AxiCorp’s Chief Executive Officer, Rajesh Yohannan, commented: “We view this as a partnership, not an acquisition… Star has built an enviable reputation and loyal clientele by doing things its own way, under its own direction, and we’re not concerned with trying to change that. What AxiCorp can and will do is add greater liquidity and risk management to the already excellent trading platform APIs and back-office infrastructure”.
AxiCorps acquisition may also be a sign of further expansion into other geographic markets or revenue streams, including institutional or technology-based services for brokers, considering the services that it will now own and control. Indeed, recently AxiCorp also acquired One Financial Markets (OFM), which is a popular broker among Middle East traders.