Foreign exchange payments and hedging company Global Reach Partners (GRP) announced the acquisition of FC Exchange, and the takeover will significantly add volume to the amount of transactions handled by GRP.
Reports late last week said GRP's current $4.5 billion worth of foreign transactions completed for corporates and individuals will jump to about $7.1 million due to the acquisition. The company said that the purchase of FC Exchange will help GRP scale and add new capabilities to its FX services.
"We are making this acquisition as we recognize the huge opportunity in the cross-border payments market," said GRP CEO and Cofounder Mark Smith-Halvorsen in a statement. "FCE's business is a perfect complement to our own. We each excel in our respective segments; they have a predominately private client base compared to our mainly corporate client revenue stream."
"The goal of this transaction is to combine forces to create a leading FX payments company," he added.
The acquisition was made with the support of private equity investor Inflexion, reports said. In a separate statement, Inflexion Partner John Harper said GRP's first acquisition reflects a strategy of "buy-and-build" consolidation for the FX industry in the U.K.
Financial details about the takeover were not revealed by the companies.