OFX Completes $70 Million Acquisition of Firma

Australia's OFX Group Limited announced on Monday that it has completed the acquisition of Firma Foreign Exchange Corporation, a Canada-headquartered global foreign exchange service provider, which is expected to expand OFX's presence in the global forex market. 

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The companies first agreed to the acquisition deal last December, with a total consideration evaluated as nine times Firma's last reported EBITDA.

According to the terms and conditions of the deal, OFX now owns Firma's product suite and customer portfolio. It adds 9,600 clients to OFX's portfolio. OFX  also stated that no disruption would occur to existing Firma clients, and more efforts would be done to build a collective strengthened business.

"We're excited to complete our first major acquisition, and to welcome our new clients and colleagues,"commented Skander Malcolm, OFX's CEO and Managing Director.

The deal is closed at a total consideration of CA$90 million (about $69.97 million).