FDCTech completes acquisition of financial services company Genesis.
Foreign exchange and CFD trading technology provider FDC Tech announced on Tuesday that it will acquire financial services company Genesis Financial. GenesiFinancial is a financial services company engaged in wealth management and direct client loan business.
According to the terms of the signed non-binding letter of intent, FDC Tech will acquire 100% of Genesis’s issued and unissued securities in a share swap transaction.
When talking about the importance of this transaction, FDC CEO Mitchell Eaglstein said, "This acquisition will allow us to advance our proprietary financial technology capabilities to Genesi."
The Genesis Group’s business is concentrated in the Asia-Pacific region because it works with two Australian entities. The company's 2020 consolidated revenue is $15.6 million, and EBITDA is $1.2 million. The Genesis Fund pays particular attention to the lucrative Australian wealth management market, which is expanding with great potential.
At the same time, FDC is committed to expanding existing services. After adding GCEX to its liquidity pool, the company added PayPal as a new payment option on its Condor FX Pro trading platform.
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