The CFDs trading platform Plus500 has acquired for 30 million dollars (25 million euros) the provider of technological trading platforms that operates in the futures and options market in the United States Cunningham, thus expanding its geographical presence in the country and its offer in a market that is growing “significantly” today.
The consideration will be financed with the existing cash balances in Plus500 and will be paid at the time of the conclusion of the operation, a part of which will be kept in custody for two years from the completion of the acquisition, which is expected to the third quarter of this year.
The company hopes that the acquisition will offer them an opportunity to take advantage of the technology and guarantee them immediate access and the necessary licenses to operate in the US, as well as expand Plus500’s product offering in that country.
Cunningham has a long history in the futures and futures options market in the United States, including strong relationships with direct clients, introduction of brokers and futures exchanges, and closed 2020 with gross revenues of $ 19 million (15, 8 million euros) and a profit before tax of 600,000 dollars (500,000 euros), with gross assets of 70 million (58.3 million euros).
“The acquisition represents an important strategic step for Plus500 and for our transition to a global multi-asset fintech group. Our long-term ambition is to enable simplified and universal access to financial markets, and I am excited that today we have taken another step forward to achieve this,” said the CEO of Plus500, David Zruia, in a statement.
Source: dpa
