Fri, July 19, 2024

CAPEX.com Aquires WiredMarket’s Client’s in Greece

Broker News

CAPEX.com, a retail forex and contracts for differences (CFDs) broker, has broadened its global reach by acquiring the WiredMarket’s client portfolio, a firm with a significant base in Greece.

CAPEX.com’s First M&A Deal

On Thursday, the company announced the acquisition, marking their first venture into mergers and acquisitions since its establishment as CFD Global.com in 2016 and subsequent rebranding in 2019. This strategic move aims to bolster CAPEX.com’s standing in the Greek market.

Octavian Patrascu, CEO and Founder of CAPEX.com, expressed his delight over the acquisition, stating, “The purchase of WiredMarket.com’s client book aligns with our growth plans and fortifies our standing in the Greek market.”

Further, he added that they looked forward to welcoming Wiredmarket’s clients to their platform. New clients will immediately gain access to a broader range of products and services, including CFDs Trading, Investing in shares, integrated analysis tools, and appealing trading conditions.”

Global Expansion of CAPEX.com

WiredMarket, based in Athens and founded in 1991, provided online CFDs trading services. It remains uncertain whether the Greek broker will entirely cease operations or shift its focus elsewhere.

The acquisition coincides with CAPEX.com’s expansion of its global reach and product offerings. Earlier this year, the broker introduced real share dealings services for clients in the Middle East and North Africa (MENA), thus expanding beyond its usual CFDs offerings.

Further strengthening its presence in the MENA region, CAPEX.com obtained in-principle approval for a cryptocurrency license from Abu Dhabi Global Markets (ADGM), the regulator of the United Arab Emirates. The broker is also regulated in Cyprus, South Africa, and Seychelles. They acquired the ADGM’s Financial Services Regulatory Authority (FSRA) license in 2020 to launch the share dealings service.

Patrascu views market consolidation positively. He said the the competitive landscape and macroeconomic conditions were conducive for such a consolidation. He also added that they were exploring other similar opportunities in their explansion plans.

Earlier this year, similar client book acquisition deals were concluded by other brokers. Notably, Capital.com purchased the client book of OvalX (formerly ETX Capital), which has now ceased operations.

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